Private equity fund, Baring Private Equity Partners is set to pick 10 per cent stake in Indian pharmaceuticals firm, Shilpa Medicare for Rs 80 crore ($17 million), two sources with the direct knowledge of the matter said on Monday.
An in-principle agreement has been reached and an announcement is expected soon, a source with direct knowledge of the matter told Reuters.
The company board is meeting on this issue on Monday and an announcement, if any, is expected later in the day, a company official, who did not wish to be named, told Reuters over the telephone.
Baring and New Silk Route Partners were in talks with Shilpa Medicare's management for picking a stake, said another source.
Baring Private Equity Partners could not be reached immediately for a comment.
Money Matters Financial Services, a domestic investment banking firm, was the sole arranger of the transaction.
Source: Business Standard