18 September 2014 | News | By BioSpectrum Bureau
Silver Leaf Oak acquires 10% stake in Syngene
(Photo Courtesy: www.proactiveinvestors.com)
Silver Leaf Oak (Mauritius) Limited, an investment vehicle advised by India Value Fund Advisors (IVFA) has agreed to acquire a minority 10% stake in Syngene International, Biocon's Research Services subsidiary.
Silver Leaf will acquire the stake from Biocon Research Limited (BRL), a wholly owned subsidiary of Biocon Limited at a valuation of Rs 3800 crore.
Biocon's shares was at Rs 499.95, up by Rs 13.15 or 2.7% at 1900hrs, on September 18, 2014.
The transaction is subject to standard condition precedents including regulatory approvals.
Post the completion of this transaction, Biocon and BRL will jointly hold 85.54% stake in Syngene.
The Biocon Group was advised by Allegro Advisors.
The lawyers for Biocon Group and Silver Leaf Oak were Wadia Ghandy and DSK Legal, respectively.