Indegene Block Deal: ₹707 Cr Stake Sale by CA Dawn

On Tuesday, December 3, a total of 1.13 crore shares of Indegene were sold in block deals amounting to approximately ₹707 crore, resulting in a 4.7% equity stake sale. Reports suggest that private equity firm CA Dawn may have offloaded a portion of its stake. The Indegene share were sold at an average price of ₹623 each, according to CNBC TV18.

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Before the transaction, CA Dawn held a 14.52% stake in Indegene as of September 2024. The sale is expected to reduce its ownership to below 10%. A major investor in Indegene, CA Dawn had previously reduced its holdings during the company’s ₹1,840 crore IPO in May 2024. During the IPO, CA Dawn (an affiliate of Carlyle) held a 20.42% stake but sold shares worth ₹1,082 crore through the offer for sale, lowering its stake.

Indegene’s shareholding structure primarily consists of public shareholders, who collectively own over 92% of the company. Foreign institutional investors (FIIs) and domestic institutional investors (DIIs) hold stakes of 4.82% and 3.17%, respectively.

A key player in delivering digital-driven commercialization solutions for the life sciences industry, Indegene saw a highly successful IPO earlier this year, with significant oversubscription. However, details about the buyers in the recent block deal have not yet emerged.

Following the transaction, Indegene’s share price dropped by 7.5% to ₹618 on the NSE on Tuesday. The company’s current market capitalization stands at approximately ₹14,800 crore. Despite the dip, the stock has surged over 38% from its IPO issue price of ₹452.

As of the end of September 2024, Nadathur Fareast Pte Ltd was Indegene’s largest shareholder, holding a 23.64% stake. CA Dawn Investments owned 14.52%, while Brighton Park Capital held 12%, based on stock exchange data.

Indegene debuted on the stock exchanges on May 13, 2024, at a 46% premium over its IPO price of ₹452. It was listed at ₹655 on the NSE, reflecting a 44.91% premium, and at ₹659.70 on the BSE, a 46% premium.

On Monday, December 2, Indegene shares were trading 5.7% lower at ₹629.4. However, the stock has shown a 25.09% increase over the past six months.