Sai Life Sciences Block Deal: Domestic Mutual Funds Buy In Led By Nippon India

Domestic equity funds invested into a chunk of Sai Life Sciences Ltd. shares on Friday in open market transactions. Nippon India Mutual Fund bought 49.86 lakh shares or a 2.39% stake, Aditya Birla Sun Life Mutual Fund bought 27.70 lakh shares worth 1.32% of the company's equity, Max Life Insurance Company and Axis Max Life Insurance bought 13.85 lakh shares or 0.66% stake each at Rs 722 apiece. The total deal value is Rs 1,504 crore.

US private equity firm TPG's affiliate TPG Asia VII SF Pte, a prominent public shareholder of Sai Life Sciences, offloaded 2.08 crore shares, accounting for 10% of the company's equity, at Rs 722 apiece. This marks a 0.8% discount to the last closing price on the NSE. The lock-up period on remaining equity will be 60 days.

The public shareholders owned 24.73% stake in the company, as per BSE data recorded until March 31, 2025.

IIFL Capital Services Ltd. and Jefferies India Pvt. were the bookrunners for the deal.

The move comes after 48% equity of Sai Life Sciences became eligible for trade on Monday as the six-month lock-in period ended for shareholders, as per Nuvama's report.

Sai Life Sciences' total shareholding, valued at Rs 7,610 crore, is 2.5 times larger than its initial public offering size. Of this, Rs 4,900 crore represents the free-float market capitalisation available for public trading.

Shares of Sai Life Sciences closed 7.41% higher at Rs 765.25 apiece on the NSE. The stock has risen 1.87% on a year-to-date basis. The average of 12-month analysts' price target implies a potential upside of 7.4%.