Sabre Partners buys 4% in Super Religare Laboratories for Rs 50 crore

NEW DELHI: Private equity firm Sabre Partners has invested Rs 50 crore to buy around 4% stake in the country's largest diagnostics firm Super Religare Laboratories (SRL) ahead of its public issue.

Sabre Partners and SRL have signed a share-subscription agreement under which the private equity firm's Spring Healthcare fund will invest RS 50 crore in the diagnostics chain for an undisclosed stake, the two firms said on Wednesday. But a person close to the development said that Sabre will pay around 201 per share to buy a 4% stake in SRL.

This is the second pre-initial public offer ( IPO) deal for SRL. Last month, Avigo Capital Partners bought 9.27% in the Delhi-based firm promoted by billionaire brothers Malvinder and Shivinder Singh for 100 crore. Avigo Capital had paid around 188 per share to buy the stake.

The Singh brothers' listed hospital chain Fortis Healthcare is in the process of acquiring the promoter's 86% stake in the country's largest diagnostics chain. In its draft prospectus filed with market regulator Sebi, SRL said it was looking to issue around 28 million shares in the public issue, including shares to be sold in a pre-IPO deal.

Founded by Rajiv Maliwal in 2003, Sabre Partners has invested over $350 million in India and one of their best known investments was in Centurion Bank.