New Delhi, Oct 21 (PTI) Global investment firm CD&R on Monday announced an open offer to acquire a 26 per cent stake in Sanofi Consumer Healthcare India Ltd for an aggregate of up to Rs 2,983 crore.

The development follows Sanofi and Clayton, Dubilier & Rice (CD&R) entering into exclusive negotiations whereby CD&R Group has agreed to acquire a controlling stake in Opella, which holds a 60.4 per cent stake in Sanofi Consumer Healthcare India.

Also Read | What Is Digital Gold? How To Buy It Online in India? All About Investing in Digital Gold Ahead of Diwali and Dhanteras 2024.

The offer is made at a price of Rs 4,982.05 per share, aggregating to a total consideration of up to Rs 2,983.23 crore, according to the offer letter by Citigroup Global Markets India, the manager of the transaction, shared on BSE by Sanofi Consumer Healthcare India.

The open offer has been triggered by Sanofi and CD&R entering into exclusive negotiations for the potential sale and purchase of a 50 per cent controlling stake in Opella, Sanofi's consumer healthcare division.

Also Read | Diwali Muhurat Trading 2024 Date, Time: When Is Muhurat Trading on NSE and BSE? What Is the Significance of Special Trading Session of Deepawali? Know Everything Here.

The valuation of Opella is based on an enterprise value of 16 billion euros.

Upon completion of the transaction, CD&R would indirectly acquire the right to direct the exercise of 60.40 per cent of the voting rights of Sanofi Consumer Healthcare India and control over it, the filing said.

Headquartered in France, Opella employs over 11,000 people, and operates in 100 countries, with 13 manufacturing sites and four science and innovation development centres.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)