Sunil Singhania picks stake in Indegene, stock up 4%

Shares of Indegene Ltd rose as much as 3.7% to Rs 611.50 on the BSE on Thursday, a day after Sunil Singhania’s Abakkus Emerging Opportunities Fund picked up a stake in the company through a large block deal. Abakkus was among several institutional investors that bought shares in the transaction where private equity major Carlyle Group exited its entire 10.2% holding in the digital healthcare firm.

A total of 2.53 crore shares, amounting to 10.56% of Indegene’s equity, changed hands on Wednesday, June 4, at an average price of Rs 591 apiece, according to exchange data released Thursday. Carlyle, through its unit CA Dawn Investments, was the sole seller in the deal, garnering Rs 1,447 crore from the divestment.

Who bought?

Alongside Abakkus, other buyers included East Bridge Capital Master Fund, Societe Generale, Smallcap World Fund, and Premji Invest’s affiliate PI Opportunities AIF V. Together, these investors picked up 1.06 crore shares, or 4.42% stake, for Rs 627 crore. The shares were acquired in the price range of Rs 591–591.48 each.

Details of other buyers were not available on the National Stock Exchange as of Thursday.

Carlyle's phased exit

Carlyle’s exit marks the end of a four-year investment in Indegene. The global private equity firm had invested $122 million (Rs 917 crore) in April 2021, purchasing 4.55 crore shares at Rs 201 apiece.

Since then, it has sold shares in phases, first during Indegene’s IPO in May 2024 at Rs 452 apiece, then at Rs 618 in December 2024, and finally at around Rs 591 this week. The investment delivered an internal rate of return of 31% for Carlyle, underscoring the strong returns possible in India’s digital healthcare sector.

Indegene’s shares had fallen 4.07% on Wednesday to Rs 594.50 following the block transaction, but rebounded on Thursday as investor interest in the stock remained firm.

Also read | Carlyle group exits Indegene; sells 10.2% stake for Rs 1,447 crore

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