Indegene Shares Tank 5% After Carlyle Affiliate Likely Exits in Rs 1,504-Cr Block Deal

Shares of Indegene tumbled 5% in opening trade on June 4 after a block deal worth a whopping ₹1,504 crore hit the counter, with US-based private equity firm Carlyle’s affiliate, CA Dawn Investments being the likely seller.

As many as 2.53 crore shares, making up a 10.56% stake in Indegene were sold in through the block deal. The deal was executed at an average price of ₹594 per share, an over 4% discount to the last closing price.

While buyers and sellers of the transaction could not be immediately identified, a report by CNBC-TV18, citing sources, stated that CA Dawn Investments was looking to exit the health tech firm by offloading its 10.2% stake through block deals. According to the report, CA Dawn Investments was aiming for a valuation of around ₹1,420 crore for its stake.

This wasn’t the first time that CA Dawn Investments was looking to cut down stake in Indegene. CA Dawn has remained a key investors in Indegene, having pared its stake during the company’s ₹1,840 crore IPO in May 2024. The Carlyle-affiliated firm held a 20.42% stake at the time, which reduced to around 14.5% after it offloaded shares worth ₹1,082 crore through the offer for sale.

Back in December last year, CA Dawn Investments had sold off another 4.7% stake in the health tech firm, making ₹707 crore off the transaction. On the back of these stake sales, CA Dawn Investments’ ownership in Indegene slipped to 10.2% by the end of the March 2025 quarter.

Shares of Indegene had made a strong debut on the stock exchanges on May 13, 2024, listing at a premium of over 46% to its issue price. Currently, the stock still trades over 37% above its offer price, but is down over 5% from its NSE listing price of ₹655.

As of 11.30 am, shares of Indegene were quoting ₹591.75 on the NSE.