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News Topical, Digital Desk : A big block deal can be seen in the stock market on Friday. According to information received from sources, American private equity firm TPG Asia is preparing to sell shares worth Rs 850 crore (6 percent stake) in Sai Life Sciences through a block deal. The base price for this block deal has been fixed at Rs 710 per share, which will be offered at a discount of about 0 to 2.5 percent on the market price. According to sources, the total offer size under this deal is 1.25 crore shares, which is about 6 percent of the total stake of the company.
IIFL and Jefferies have been appointed as brokerage partners for this big deal. TPG Asia VII SF PTE Ltd currently holds 24.73 per cent stake in Sai Life Sciences. Hyderabad-based Sai Life Sciences provides end-to-end services of drug discovery, development and manufacturing based on new chemical entities (NCE) for global pharmaceutical innovator companies and biotechnology firms. Share performance The company's stock closed at Rs 730.50 on Thursday, down 1.08 per cent. In the last one year, the company's stock has seen a decline of 4.47 per cent.
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