US private equity firm TPG, a prominent public shareholder of Sai Life Sciences Ltd., is set to offload 1.25 crore shares for Rs 888 crore on Friday, according to a term sheet accessed by NDTV Profit on Thursday.
TPG affiliate TPG Asia VII SF Pte will sell 6% of its shareholding in the company for Rs 710 per equity share, which is 2.5% discount to last closing price on the NSE. The lock-up period on remaining equity will be 60 days.
The public shareholder owned 24.73% stake in the company, as per BSE data recorded until March 31, 2025.
IIFL Capital Services Ltd. and Jefferies India Pvt. will be 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 ends 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 1.41% lower at Rs 728.05 apiece on the NSE, compared to a 1.1% fall in the benchmark Nifty. The stock has risen 32.61% in the last 12 months and fallen 3.08% on a year-to-date basis. The average of 12-month analysts' price target implies a potential upside of 12.8%
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