Bharat Serums plans IPO; govt seeks control of Unitech
Photo Credit: Mukul Mudgal/VCCircle

Bharat Serums & Vaccines Ltd is looking to sell a 30% stake to raise Rs 2,000 crore through an initial public offer, a financial daily reported.

The proposed IPO may see the company's PE backer Kotak Private Equity offload a major part of its holding through the IPO, unnamed people told The Economic Times. Bharat Serums also counts healthcare-focused investment firm OrbiMed as its investor.

Investment bank Jefferies & Co was given the mandate to manage the IPO, the report added.

Founded in 1971, Bharat Serums & Vaccines’ primary specialisation is in the gynaecology and obstetrics segments. It also operates in critical care, emergency medicine, neurology, haematology, urology and nephrology.

Last year, VCCircle had reported that the company had raised additional capital from existing PE investor.

In another development, Bloomberg reported that the Ministry of Corporate Affairs has filed a petition before the National Company Law Tribunal to take over management control of real estate developer Unitech Ltd.

The government has sought the suspension of Unitech’s existing board of directors and its chief financial officer in the petition, the report cited people in the know. The case will come up for hearing on 8 December.

Unitech’s managing director Sanjay Chandra was arrested in April after home buyers filed a complaint against him for not giving possession of their flats.

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