Liquidity Events
Premji Invest joins Murugappa Group to acquire maker Lotus Surgicals for Rs.348-Cr
Murugappa Group company Tube Investments of India (TII) and investment firm Premji Invest (through PI Opportunities Fund I Scheme II) are to acquire 100% equity capital of Mumbai-based Lotus Surgicals from India Medical Consumables Holdings Ltd (a Samara Capital entity) and other shareholders. TII will invest INR 233 crore and Premji Invest, INR 115 crore for 67% and 33% stakes respectively. Lotus is engaged in the business of wound closure products. The acquisition is the first step for TII and PI to initiate a partnership for a medtech platform, that will scale up through both organic growth and inorganic acquisitions. The global platform will design, manufacture and distribute medical products at affordable price points.
From the Venture Intelligence PE-VC Deal Database: In Jul-14, Samara Capital had invested about INR 70 Cr in Lotus Surgicals (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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