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Silver Leaf Oak Acquired 10% Stake In Biocon

Silver Leaf Oak, a Mauritius based private equity fund has signed an agreement to acquire 10% stake in Syngene International which is a subsidiary of Biocon. The company in the BSE disclosure mentioned that Silver Leaf Oak will acquire stake from Biocon research, a wholly owned subsidiary of Biocon at valuation of Rs 3800 crore. Post the completion of this transaction, Biocon and BRL will jointly hold 85.54% stake in Syngene.

The announcement of the deal was made after the trading hours yesterday. Post the announcement, the shares of the company surged by nearly 4% and are currently trading at Rs 510.45. The stock has outperformed the market by rising higher than Sensex. The stock has hit the record high of Rs 514 post the announcement.

"We are extremely pleased to welcome Sillver Leaf as a shareholder. The investment reflects Syngene's leading position in the contract, research and manufacturing space in Asia, acknowledging its comprehensive multidisciplinary capabilities. This transaction is part of the overall strategic plan for Syngene and sets a new benchmark as we prepare the company for listing." commented Kiran Mazumdar-Shaw, Biocon's Chairman and Managing Director.

Prior to this transaction, in 2012 the private equity arm of GE capital acquired 7.69% stake in the company for Rs 125 crore. Earlier in this month Biocon bought back the stake which valued Rs 2800 crore. The deal with Silver Leaf Oak at Rs 3800 crore is much higher in valuation than the previous investor GE capital's stake in Syngene.

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