The Mumbai offices of Vaish Associates and Trilegal have advised on a pre-IPO sale of a stake in India’s largest diagnostics player Super Religare Laboratories to Sabre Partners for Rs 50 crore ($11m).

Vaish Associates corporate and infrastructure partner Martand Singh along with senior associate Yatin Narang led for Super Religare Laboratories which divested 4.16 per cent of its post-investment equity share capital to Sabre Partners.

Trilegal partner Srinivas Partha assisted by associate Zara Kaushik advised private equity firm Sabre Capital.

It was a joint investment by Sabre Capital, Spring Healthcare India Trust and Spring Healthcare (P) Ltd referred collectively as Sabre Partners, according to Vaish Associates.

“This is the second tranche of the pre-ipo placement already provided for by SRL in the DRHP filed with SEBI,,” commented Singh. “We are pleased to continue to render our assistance to SRL in its build up to the IPO.”

The current transaction follows last month’s investment of Avigo PE Investments in Super Religare Laboratories as a part of its pre-IPO private fund raising effort, which too was advised by Vaish Associates.