PE-VC Fund Investments
Creador to acquire 7% in pharma co. La Renon for Rs.800-Cr; Peak XV to sell 2%
Kuala Lumpur, Malaysia-based private equity firm Creador is set to acquire about a 7% stake in Ahmedabad-based pharmaceutical company La Renon Healthcare for INR 800 crore. The transaction values La Renon at nearly INR 11,000 crore.The investment will see a partial stake dilution by the promoter family as well as an existing investor. Promoter Pankaj Singh and family will sell around 5%, while Peak XV Partners (formerly Sequoia Capital) will offload about 2%.Following the deal, the promoter family will continue to hold about 66%, while private equity investors together will own around 34%. Current backers of La Renon include ChrysCapital, Peak XV Partners, A91 Partners and Avendus.La Renon’s valuation stood at INR 8,000 crore in February, when Avendus Future Leaders Fund bought a 2% stake. Last year, ChrysCapital had acquired an 8% stake via a secondary transaction valuing the company at INR 6,500 crore.
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