Global investment firm TPG offloaded stake worth Rs 1,505 crore in Sai Life Sciences through block deals on Friday, paving the way for a host of marquee investors to step in, including Norges Bank and leading Indian mutual funds.
TPG sold over 2 crore shares in two tranches at Rs 722 per share, a price that reflected a 1% discount to Thursday’s closing price.
Among the key buyers, Norway’s central bank, Norges Bank, acquired 11.5 lakh shares worth Rs 83 crore, signaling strong foreign institutional interest in the Indian pharmaceutical sector.
On the domestic front, several top mutual funds participated in the transaction:
— bought over 40 lakh shares for Rs 290 crore,
— Invesco Mutual Fund acquired 13.5 lakh shares worth Rs 97.5 crore, and
— Aditya Birla Sun Life Mutual Fund picked up 13.85 lakh shares for Rs 100 crore.
Investor appetite appeared strong, as shares of Sai Life Sciences rallied 5% to close at Rs 765.85 on the BSE following the block deals.
The stake reshuffle highlights the growing confidence of both global and domestic institutional investors in Sai Life’s long-term growth prospects amid the increasing relevance of India in the global pharma outsourcing ecosystem.
TPG held over 5.15 crore equity shares in the company as on March 31, 2025 through TPG Asia VII SF PTE Ltd, which accounts for a 24.73% stake in this smallcap company. The market capitalisation of the company is at Rs 15,230 crore. The stock of Sai Life Sciences was listed on the exchanges on December 18, 2024.
The stock has gained nearly 2% since its listing on December 18, 2024 and its returns on the year-to-date basis remain at 3%. This is an underperformance versus Nifty which has given returns of 6.6% and 5.7%, respectively.
Sai Life Sciences is a contract research, development, and manufacturing organisation (CRDMO) among listed Indian peers. The company has operations in the UK, the USA and Japan.