Liquidity Events
RIL to buy 80.3% stake in Bioinformatics firm Strand Life Sciences for Rs.553-Cr
Publicly listed, Mumbai-based Reliance Industries Ltd (RIL) has acquired a majority stake in Bangalore-based Strand Life Sciences Pvt Ltd for INR 393 crore. Reliance Strategic Business Ventures Ltd (RSBVL), a subsidiary of RIL, will acquire 22.8 million equity shares (FV: INR 10 each) of Strand Life Sciences Pvt. Ltd for a cash consideration of INR 393 crore. The company is expected to make a further investment of INR 160 crore by March 2023, to take its holding in Strand to 80.3% (on a fully diluted basis). Strand, incorporated in 2000, is engaged in genomic testing in India with bioinformatics software and provision of clinical research solutions to healthcare providers, including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies. It had reported a turnover of INR 88.70 crore for FY21 (compared to INR 109.84 crore and INR 96.60 crore in the previous two fiscal years). It reported a net profit of INR 8.48 core for FY21 versus a net loss of INR 25.04 crore and INR 21.66 crore in the previous two fiscal years.
From the Venture Intelligence PE-VC Deal Database: Between Feb-13 and Feb-2018, Strand Life Sciences had attracted over INR 170 Cr from Quadria India, Burrill & Company and Others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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