Private Equity Fund Investments
PharmEasy raises $300-M, buys 66% in diagnostics co Thyrocare for Rs.4,546-Cr
BSE Business Line, Economic Times
API Holdings, the parent company of pharma e-tail service PharmEasy is to acquire a 66.1% stake in fellow Mumbai-based, publicly listed Thyrocare Technologies from its founder A Velumani for INR 4,546 crore. This deal is the first acquisition of a listed company by an Indian unicorn. The transaction, which prices Thyrocare shares at about INR 1,300 per share, has been routed via Docon Technologies Pvt Ltd, a 100% subsidiary of API. The acquirer will make an open offer for an additional 26% stake in Thyrocare at the same price. Velumani will acquire a minority non-controlling stake of less than 5% in API. JM Financial is handling the open offer. Separately, PharmEasy has raised USD 300 million more, in a round led by its existing investors, bringing the total funding raised since April to USD 650 million. Most of the funds raised will be used for the acquisition of Thyrocare. US private equity major TPG, Singapore's Temasek, Facebook co-founder Eduardo Saverin's B Capital, Prosus (previously Naspers) and Think Investments participated in the funding round along with a new investor, Kotak Group's private equity arm.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
