Private Equity

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Temasek in talks to buy 15% in Covid-19 test kits maker Molbio for $250-M

Economic Times  

The Singapore government's investment fund Temasek Holdings is in talks to acquire an about 15% stake in Covid-19 test kits maker Molbio Diagnostics for INR 1,500-1,800 crore (USD 250 million). Molbio is likely to be valued at INR 12,000 crore (USD 1.6 billion) after the proposed funding round, wherein a couple of promoters will sell around 15% in the Goa-based company, which develops and commercialises the point-of-care molecular diagnostics platform TrueNat. Bengaluru-based investment bank Allegro Capital Advisors runs the sell-side mandate for Molbio's promoters in the proposed secondary transaction. Promoter Sriram Natarajan and family hold about 42% stake in Molbio, while six other promoters together own about 36%. Motilal Oswal PE has about 13.5% stake, acquiring it through two tranches of primary and secondary deals at a valuation of INR 1,600-2,200 crore about a year ago. A few minority shareholders hold the rest. US private equity firms TA Associates, General Atlantic and Carlyle are the others in the race for a stake in Molbio.