Mumbai-based private equity firm Multiples Alternate Asset Management is looking to sell its entire stake of about 10% in Encube Ethicals, a contract development and manufacturing organisation for topical semi-solid formulations such as gels and ointments, people in the know told The Economic Times.
The deal may value the Mumbai-based firm at Rs 5,800 crore, or about $800 million, they said. Encube promoter Mehul Shah may also sell up to 10% stake in the company, the people added.
A clutch of private equity funds including Carlyle, Advent and Temasek have been approached for the deal and Kotak Mahindra Bank is advising Multiples on the stake sale, they said.
In September 2016, Multiples had invested Rs 300 crore in Encube for a minority stake.