Advent International Sells Stake in Cohance Lifesciences

Private equity firm Advent International divested an 8.92% stake in Cohance Lifesciences for Rs 3,094 crore. The transaction was conducted through Jusmiral Holdings, reducing its stake in the company to 24.16%. HDFC and SBI Mutual Funds acquired a 1.67% stake, with shares priced around Rs 906 each.

Advent International has divested an 8.92% stake in Hyderabad-based Cohance Lifesciences, raising Rs 3,094 crore through an open market transaction. Conducted via Jusmiral Holdings, the sale involved the offloading of 3,41,48,000 shares at an average price of Rs 906, per the NSE's bulk deal data.

This transaction decreased Jusmiral Holdings' ownership in Cohance from 33.08% to 24.16%. Previously, Advent International, along with Berhyanda Ltd, held a 66.41% stake as of the end of June quarter. Meanwhile, both HDFC and SBI Mutual Funds took advantage of the sale, acquiring over 64 lakh shares or 1.67% stake, valued at around Rs 579.84 crore.

Cohance Lifesciences announced the stake reduction in its regulatory filing, with intended proceeds primarily aimed at reducing debts under the existing notes purchase agreement. Following the sale, Cohance's shares dropped 5.85%, closing at Rs 909.80 on the NSE.

(With inputs from agencies.)