Cipla Ltd's promoters are in advanced talks with two consortiums-one Pharmaceuticals led by Torrent Ltd, with the participation of prominent family offices, and the other a group of buyout firms led by BPEA EQT and General Atlantic-to sell a controlling stake in India's fourth-largest drugmaker for $6-7 billion, two people with direct knowledge of the matter said.
The consortium led by Torrent Pharma is backed by its promoters, the Mehta family, alongside investments from entities linked to Dilip Shanghvi-led Sun Pharmaceutical Industries Ltd and the Patel family-owned Zydus Lifesciences Ltd.
A successful bid by Torrent Pharma would propel the company into the second-biggest Indian drugmaker after Sun Pharma.
Cipla's promoter group, led by its founder's son Yusuf K. Hamied, 87, is seeking a valuation of at least 33,000 crore for its 33.47% stake and will only cede control if binding bids value the drugmaker at 1 trillion, according to one of the two people.
"The latest discussions with Cipla promoters' bankers regarding valuations and the premium to market price happened on Friday," said the first person, who added that Cipla's promoters want a price of a little over 1,200 per share. Cipla's shares ended trading at ₹1,180.50 on Wednesday, valuing the company at 295,300 crore.
Bu hikaye Hindustan Times dergisinin September 28, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Hindustan Times dergisinin September 28, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Palestinian PM Resigns Citing 'New Reality' Of War In Gaza
The United States and other powers have called for a reformed Palestinian Authority to take charge of all Palestinian territories after the end of war
Future Perfect: The Kids Are All Right
Gill and Jurel hold out promise by simplifying a challenging chase to help India seal series
Akshay feels 'blessed' to have worked with OG Ramayan cast
Director Akshay K Agarwal shot a music video, Humare Ram Aaye Hai, with the cast of the 1987 TV show, Ramayanactors Arun Govil, Dipika Chikhlia and Sunil Lahri - in Ayodhya recently.
Musk's firm gets nod for Sat Net; joins Jio, Bharti
Starlink, owned by billionaire Elon Musk, has been allowed to offer satellite broadband services in India, two officials aware of the development said.
A temple, 169 years in the making
Through decades of design and reworks, hurdles in engineering and construction, HT pieces together how the grandeur of the Ram Temple was reclaimed
'Political interference' forces Vihari to quit Andhra cricket
After Andhra bowed out of the Ranji Trophy at the quarter-final stage with a four-run defeat to Madhya Pradesh in Indore on Monday, senior batter Hanuma Vihari launched a scathing attack on the Andhra Cricket Association (ACA), saying he will never turn up for the state again.
Shafali, Kapp lead Capitals to a 9-wicket win over Warriorz
A blazing fifty by Shafali Verma (64₹, 43 balls) helped Delhi Capitals make a mockery of a target of 120 and open their account in the second edition of the Women's Premier League (WPL).
Making 'unbelievable things believable', the Ayhika way
The India No. 7 was an inspired pick for the world team event and she repaid the faith, beating the Chinese world No.1
'Connected TVs to reach 45 mn by 2024-end in India'
With improvement in broadband penetration, Indian households are increasingly opting for connected or addressable TVs.
India chip strategy makes progress as $21 billion in proposals received
The Indian government, after years of watching from the sidelines of the chips race, now has to evaluate $21 billion of semiconductor proposals and divvy up taxpayer support between foreign chipmakers, local champions or some combination of the two.
