Rakesh Jhunjhunwala to give up Concord Biotech stake, eyes Rs 500 cr

Ace investor, Rakesh Jhunjhunwala’s RARE Enterprises is looking to make a quick buck by exiting one of his large investments in the pharma space taking advantage of attractive valuations in the sector. Sources with direct knowledge share that Rakesh Jhunjhunwala has put his entire holding in Concord Biotech up for sale. Jhunjhunwala’s RARE Enterprises is expecting to raise around Rs 500 cr for its 23% stake in Concord Biotech.

Rakesh Jhunjhunwala is in the process of mandating an investment bank for the stake sale process, a source said. An industry expert pointed out, “There is enough private equity interest for Concord Biotech but the valuation expectation of Rs 2000 cr is on the higher side.”

Concord Biotech is an unlisted company which is into the manufacturing of bulk drug. When ET Now contacted Rakesh Jhunjhunwala on the development, he declined to comment to the query.