(Bloomberg) -- Mathew Cyriac, who was previously one of Blackstone Group Inc.'s top India dealmakers, has agreed to buy a stake in Indian pharmaceutical company Zim Laboratories Ltd., people with knowledge of the matter said.
Cyriac, who now runs investment firm Florintree Advisors, is purchasing the 22% stake held by AA Development Capital India Fund 1 LLC, according to the people. He is set to pay around 300 million rupees ($4 million) for the shares, the people said, asking not to be identified because the information is private.
Shares of Zim Laboratories have risen 29% this year, giving the company a market value of about $25.5 million.
AA and Cyriac didn't immediately respond to emailed queries. Zim Laboratories Chairman Anwar Daud didn't immediately respond to a request for comment.
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