Indian cardiac stent maker Sahajan and Medical Technologies (SMT) is planning to divest a 30% stake for Rs11bn ($145.8m).

The Economic Times has reported that the company’s promoters and investors Samara Capital and Morgan Stanley Private Equity Asia will sell the 30% stake together.

Samara Capital and Morgan Stanley Private Equity Asia will divest a portion of their 35% and 18% stake in the company.

The company’s promoter Dhirajlal Kotadia will also sell a part of his 47% stake in the company, the publication reported citing undisclosed sources.

The report suggests that SMT intends to use a part of the proceeds from the stake sale to support its clinical trials in the US.

The funding will also be used for building a $2.5m manufacturing plant in Hyderabad.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

KPMG, which is in charge of the stake sale process, is reportedly in discussions with a number of global and Indian private equity funds.

SMT is expected to be valued at $300m.

SMT has signed a contract with the Italian Government for drug-eluting stents, following an open tender this week.

According to the agreement, the company, along with its partner Eukon, will supply 40,000 biodegradable polymer-coated Supraflex Cruz DES stents to the Italian Government by 2022.

The order is expected to strengthen the company’s presence in Europe.

Founded in 1998, SMT develops and manufactures cardiac products, including coronary stents (drug-eluting and bare-metal), renal stents, angioplasty balloon catheters and other cardiac accessories.