SMT raises Rs 230 crores of equity capital

The funding round was led by Morgan Stanley Private Equity Asia, Investor Samara Capital also participated in the round

Sahajanand Medical Technologies (SMT), manufacturer of cardiac stents in India, announced that it has successfully raised equity to the tune of Rs 230 crore in a funding round led by Morgan Stanley Private Equity Asia. Existing Investor Samara Capital also participated in the round.

As part of the current transaction, a fund managed by Morgan Stanley Private Equity Asia has invested Rs 160cr in primary capital into the company for a minority stake. SMT’s existing institutional investor, Samara Capital also participated in the round. KPMG India served as an exclusive financial advisor to SMT for the transaction.

The proceeds from the transaction will be used to finance SMT’s strong organic growth, achieve synergistic acquisitions and build an aggressive R&D programme for a further expansion of its portfolio of innovative lifesaving medical devices.

Speaking on the transaction, Bhargav Kotadia, MD of SMT, remarked, “We are proud to partner with a pedigree investor like Morgan Stanley Private Equity Asia in our journey of becoming a global leader of cardiovascular devices. The proceeds from this investment round will bolster further expansion in overseas markets and assist in building our pipeline of next generation cardiovascular products.”

“SMT is a professionally run, technology driven company with products far superior to its peers and is all set to make a mark at the global level as a leading cardiovascular focused medical devices company from India. Samara’s investment in late 2016 was a result of the high potential we saw in the sector and capabilities within SMT to emerge as the market leader. The new up-round and fund raise validates our thesis and further strengthens the balance sheet of the company.” adds Abhishek Kabra, Director at Samara Capital.