Based on sources, Blackstone, the world's largest private equity fund, is planning to submit a non-binding bid as early as next week to acquire the entire 33.47% promoter stake in Cipla, India's third-largest generics company by revenue.

This will formally initiate a process that could result in the Hamied family's eventual exit from the company they founded in 1935, and which has often been viewed as a crusader against Big Pharma's pricing strategies in emerging markets due to its advocacy of affordable drugs.

The move by Blackstone, if it comes about, will also trigger an open offer for an additional 26% of the company. If fully subscribed, Blackstone can technically end up owning as much as 59.4% of the pharma major, in what would be one of the largest private equity-led buyouts in the Indian market.

Cipla is currently valued at Rs 94,043 crore in the market. The promoter stake alone is worth Rs 31,476 crore ($3.80 billion) at that price. Blackstone may end up paying Rs 55,926 crore ($6.75 billion) if the open offer is fully subscribed. A significant control premium could also be added. On Thursday, the Cipla stock closed unchanged at Rs 1,165.

CNBC TV was the first to report on July 27 that Cipla promoters are considering selling a portion of their holdings. The stock is up 9% since its last close on July 26.

Blackstone is currently operating independently, but it is expected to form a consortium with some of its limited partners (LPs).