Sagility BV, a subsidiary of EQT Private Capital Asia, was acquired ₹366 crore through the sale of 2.61 percent stake in Sagility India Ltd, the company said on news portals on November 3.
Nine institutional investors have picked up stakes in Sagility India ahead of its initial public offering (IPO) scheduled to launch on November 5, according to media reports.
“The promoter transferred shares of Rs 12.2 crore on October 30 and 31 at a price of ₹30 per share, the upper price range, amounting to ₹366 crore,” said a notice from the Bengaluru-based company published in business newspapers.
Sagility’s notice highlighted that a share purchase agreement had been entered into between Sagility BV and investors, dated October 30, according to media reports.
EQT Private Capital Asia is also the parent company of Sagility India Ltd.
Buyers of the stakes
360 ONE (via Special Opportunities Fund – Series 8 and Monopolistic Market Intermediaries Fund) were the top two buyers among the nine investors. They acquired a 1.07 percent stake for Rs 150 crore.
Avendus Future Leaders Fund II followed suit and acquired a 0.9 percent stake ₹126 crores. Adani Properties, owned by the Adani Group, also bought 0.14 percent shares ₹20 crore, according to media reports.
Elpro International, Jasub Property Holdings, Jaya Chandrakant Gogri and Rashesh Chandrakant Gogri, PAM Family Trust, Shradha Family Trust, Unmaj Ventures and Uma Priyadarshini Kollareddy and Kollareddy Ranganayakamma were the other shareholders who bought shares worth 0.5 percent. ₹70 crore, according to media reports.
The shareholding of the promoters will be reduced to 97.39 percent after these transactions, the report said. The previous status was 100 percent promoter ownership of the company, as per the company’s draft documents filed on October 29, the news portals reported.
Post the IPO and above the pre-offer sale, Sagility BV will hold 82.39 percent stake in Sagility India.
About Sagility India’s IPO
Sagility is a healthcare-focused service provider serving U.S. health insurers that finance and reimburse the costs of healthcare services. It also targets providers such as hospitals, physicians and diagnostic and medical equipment companies.
The IPO only includes an offer-for-sale (OFS) component of 70.2 shares of the promoter Sagility BV. The company aims for an increase ₹2,106.60 crore from the public issue, and the money raised from the issue will go to the promoter selling shares and not to the company.
The anchor round for the public offering will take place on November 4, and the IPO will close for public subscription on November 7.
ICICI Securities, IIFL Securities, Jefferies India and JP Morgan India are the investment bankers for the IPO.
