Avigo Capital picks up 9.27% stake in SRL

| Updated on: Apr 18, 2011

Private equity fund, Avigo Capital Partners, said on Monday that it has picked up a 9.27 per cent stake in a pre-IPO placement in Super Religare Laboratories (SRL) for an aggregate amount of around Rs 100 crore.

Avigo has signed a share subscription agreement with SRL under which it will subscribe to 9.27 per cent of the post investment equity share capital of SRL for an aggregate amount of Rs 100—crore through its investment arm, Avigo PE Investments Ltd (Mauritius), a press release issued here said.

SRL had on February 17 filed a draft red herring prospectus with capital market regulator Sebi to come out with an initial public offering (IPO) of 2.8 crore equity shares through the 100 per cent book building process. It is yet to get a clearance from Sebi.

SRL has a network of eight reference laboratories, seven Centres of Excellence, 181 network laboratories, 15 wellness centres and 888 collection centres, and as of the nine-month period ended December 31, 2010, had served 4.20 million customers, aggregating 33,000 tests per day.

Published on April 18, 2011

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