On 8th May 2020, The Carlyle Group, an United States(US) based private equity firm acquired 74% stake in SeQuent Scientific Limited, the largest animal healthcare company from India for Rs.1,587 crore($210 million) for Rs.86 apiece.
Key Points:
i.SeQuent is a pure-play animal healthcare company with global operations and provides pharmaceutical ingredients, formulations and analytical services in more than 100 countries and manufacturing in India, Spain, Turkey, Germany and Brazil.
ii.Carlyle acquired 183 million shares from the promoters and a mandatory offer at Rs 86 per share.
iii.The promoters of the company sold a 44.92% stake and Carlyle agreed to buy 5.69% of the existing private equity investor Ascent Capital.
iv.The open offer was managed by Nomura acting as the Financial advisor for Carlyle and Law Firm Nishith Desai Associates Advised Sequent and its Promoters.
v.The advised transaction triggered a mandatory open offer by CA Harbour Investments and CAP V Maturities for the maximum purchase upto 26% from the public shareholders under the Securities and Exchange Board of India’s(SEBIs) take over regulations.
vi.SeQuent’s promoters hold 56% of the company and after the approval of customary regulatory the deal is expected to close in August.
About SEBI:
Chairman– Ajay Tyagi
Chief Vigilance Officer (CVO)– ArtiChhabraSrivastava
Headquarters– Mumbai
Established– April 12, 1992
