In a significant reshuffling of institutional ownership, Indegene witnessed a high-stakes block deal on 4 June, marking the complete exit of US-based private equity giant Carlyle Group and the strategic entry of marquee investors including Sunil Singhania’s Abakkus, Premji Invest, Capital Group, Societe Generale, and East Bridge Capital.
Carlyle, acting through its affiliate CA Dawn Investments, offloaded its entire 10.2% stake in the digital healthcare and life sciences services provider. The sale — amounting to 2.53 crore shares, or 10.56% of Indegene’s outstanding equity — fetched approximately INR 1,447 crore, with shares trading in a narrow band between INR 591.02 to 591.84 per share on the NSE.
Indegene Block Deal: Key Buyers
As per official data and exchange disclosures, the shares sold by Carlyle found eager buyers among some of the most respected names in the global and Indian investment ecosystem:
| Fund | No. of Shares Bought | Stake (%) | Investment (INR Cr) |
|---|---|---|---|
| East Bridge Capital | 21.68 lakh | 0.24% | 128 |
| Societe Generale ODI | 18.8 lakh | 0.21% | 111 |
| Smallcap World Fund (Capital Group) | 18.28 lakh | ~0.20% | 108 |
| PI Opportunities AIF (Premji Invest) | 16.92 lakh | ~0.19% | 100 |
| Abakkus Emerging Opportunities Fund | 12.1 lakh | ~0.14% | 72 |
In total, 87.78 lakh shares were picked up by these five marquee buyers for a cumulative sum of INR 519 crore. The transaction price hovered tightly around INR 591–591.48, reflecting minimal deviation from market value and indicating robust institutional appetite.
Market Reaction: Volatility, Then Recovery
Following the large transaction, Indegene shares slipped 4% on Wednesday, closing at INR 594.50 on the NSE. The fall came as no surprise given the quantum of shares changing hands. However, the market sentiment swiftly recovered on Thursday, with the stock rising 3.23% intraday to INR 609, as investors took cues from the entry of high-conviction, long-term investors.
The stock remains nearly 20% below its 52-week high of INR 736.30, but is up 12% over the past year, having been listed in May 2024 at an IPO price of INR 452. Despite recent volatility, Indegene has delivered solid post-IPO performance.
The Exit Playbook: Carlyle’s Full Cycle
Carlyle’s investment in Indegene has now come full circle. The private equity firm initially invested INR 917 crore in April 2021, acquiring 4.55 crore shares at INR 201 apiece. Carlyle began its phased exit during the May 2024 IPO, selling shares worth INR 1,082 crore at INR 452, followed by a secondary sale at INR 618 in December 2024, and culminating in this week’s final exit at approximately INR 591 per share.
This exit, executed in multiple tranches across varying market phases, underscores a well-timed monetization strategy that netted strong returns for Carlyle, especially in a high-growth sector like digital health.
Strong Q4 Performance
The large transaction comes against the backdrop of Indegene’s strong Q4FY25 earnings, which showed:
- Net profit: INR 1,176 crore (vs INR 948 crore YoY)
- Revenue from operations: INR 7,556 crore (vs INR 6,730 crore YoY)
- EBITDA margin: 20.2% (vs 21.9% YoY)
- QoQ revenue growth: 4.9%
Chairman and CEO Manish Gupta attributed the performance to sustained momentum and new client wins. The company is banking on further growth in FY26, supported by its Cortex GenAI platform and deepening global client engagements.
Conclusion
Carlyle’s exit is not seen as a negative judgment on Indegene’s prospects but rather a typical private equity lifecycle conclusion. The baton now passes to long-term institutional investors, who have expressed their optimism in no uncertain terms — by writing large cheques in a single-day window.
As Indegene looks ahead to FY26 with strong fundamentals, strategic capital infusion, and global expansion plans, the story may be just entering its next phase — one where public shareholders could stand to benefit from the strong institutional tailwind.
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