Mumbai: Global private equity firm Bain Capital hopes to divest its stake in listed drugmaker Emcure Pharmaceuticals Ltd through a massive block deal, according to two people familiar with the matter.
The move comes after the lockdown period for the sale of shares of Pune Company in February this year. Under Indian market regulations, lock-up periods must be targeted for certain categories such as host investors and pre-listed investors, during which they are prohibited from selling their shares.
“Bain Capital may sell shares worth more than $200 million ( ₹17 billion rupees in the company). It has appointed investment bank Kotak Mahindra Capital Co. to help with the deal,” the person said, demanding anonymity.
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BC Investments IV Ltd. is a vehicle of Bain Investments, which holds approximately 8.68% of the shares (or 16.5 million shares) as of December 2024, based on the equity model available on the exchange. The subsequent calculation based on Friday’s closing price calculation shows that this quantity roughly translates to ₹1773.75 million.
Emcure Pharmaceuticals Ltd stock closed on Friday ₹National Stock Exchange (NSE) saw a 1,075% increase of 2.45%. Its total market value stands at ₹20,363.92 million. By comparison, Nifty’s Pharma index fell 0.65% (137.7 points) on the same day, while the broader Nifty 50 index fell 0.31% or 72.6 points with a 23,519.35 shutdown.
To be sure, Bain Capital sold one-third of its 13.07% stake during its listing period. Bain acquired the shares in December 2013 ₹Blackstone Group 7 billion. As early as 2006, Blackstone had invested nearly $50 million (approximately ₹3.106 million).
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Emailed an email inquiry with spokespersons for Emcure Pharma, Bain Capital and Kotak Mahindra Group.
The evolution of Emcure
Emcure Pharmaceuticals (Emcure Pharma) in Pune was founded in 1981 by Satish Ramanlal Mehta and was listed on July 10, 2024 in Boston, India. The company’s shares are listed in ₹1,325.05 per share, a premium of 31.45% over the issue price ₹1,008.
Emcure Pharma develops and produces a variety of medicines in several major therapeutic areas. The company’s portfolio includes injection, biotherapeutics and oral. Research and Development (R&D)-driven companies target markets in more than 70 countries and have a large number of operations in Europe, Canada and India.
Emcure reports net profit growth by 30.3% year-on-year ₹As of December 2024 (Q3FY25), the quarter was 1.56 million, from ₹The previous fiscal year was 1.197 million. Its revenue rose 17.7%, climbing to ₹196.26 million, objection ₹166.76 million in Q3FY24.
The grand deal
Indian pharmaceutical companies and healthcare companies have recently attracted venture investors such as global and domestic private equity firms. In the past 12-18 months, investors from global investors have raised shares in such companies, from a few to controlling stakes in the company.
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Global consulting firm Grant Thornton Bharat and the Association of Healthcare Providers India (AHPI) according to a joint report in March 2025. India’s healthcare and pharmaceutical sector has recorded 594 mergers (M&AS), as well as private equity (PE) transactions (PE) transactions, with investors worth over $30 billion between 2022 and 2022.
