Kotak Private Equity Group, the private equity arm of private sector lender Kotak Mahindra Bank, has acquired 3.4 per cent stake in Hyderabad-based Natco Pharma. Kotak India Venture Fund-I, a life sciences-focused venture fund, has invested Rs 23.7 crore in the recently concluded Rs 67.5 crore qualified institutional placement (QIP) of the pharmaceutical company.
Another major investor in the QIP was Orange Mauritius Investments that already held 2.72 per cent stake in Natco. With the current QIP, it will have around 6-7 per cent stake in the company.
Sun Pharmaceutical promoter Dilip S. Shanghvi is also building stake in Natco, having picked up 3.2 per cent from the markets.
Natco’s QIP was done at a share price of Rs 225 each. Shares of Natco were trading at Rs 242.65 a piece on the BSE at 10:06 am, down 1.34 per cent.
Kotak PE has made life sciences investments in companies like CRO firm SIRO Clinpharm, biopharmaceutical firm Intas, drug discovery player Indus Biotech and biological and bio-pharmaceutical products maker Bharat Serums, among others.
In the past, Kotak PE has invested Rs 54 crore in the QIP of Godrej Consumer Products (July 2010) and Rs 60 crore in the QIP of ING Vysya Bank (June 2011).
For more on Natco’s QIP,click .