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Blackstone to sell stake in Emcure Pharma

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September 29
10:52 PM 2013

Blackstone Group is a New York based private equity firm. The company had been in advanced discussions with Bain Capital on a planned stake sale. Blackstone proposed to sell 13.09% stake in Emcure Pharmaceuticals, an unlisted drugmaker based in Pune, to Bain Capital. The deal was valued USD100 million, said three sources familiar with the negotiations. The move was an indication regarding increase in secondary sales among PE funds. This was after private equity firms had a tough time exiting investments through public offerings.

If the deal pushes through, it would mark the second exit of Blackstone from its Indian portfolio. This was after the company sold its stake in Intelenet, a back office provider. The stake of Blackstone in Intelenet was sold to British Serco Group last 2011.

Blackstone invested USD50 million in Emcure Pharmaceuticals last 2006. The company would likely get twice its investment, said three sources. The drug maker was valued USD764 million.

Spokespersons for Bain Capital and Blackstone refused to give comments regarding the report. Emcure CFO Namita Thapar also refused to comment.

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