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Business Companies 27 Jun 2020 Carlyle Group to buy ...

Carlyle Group to buy 20 pc stake in Piramal Pharma for over Rs 3,700 cr

PTI
Published Jun 27, 2020, 12:04 pm IST
Updated Jun 27, 2020, 12:21 pm IST
Carlyle recently bought majority stake in SeQuent in the animal pharma space
The Ajay Piramal group has sold 20 per cent stake in its pharma business to Carlyle.
 The Ajay Piramal group has sold 20 per cent stake in its pharma business to Carlyle.

New Delhi: US-based Carlyle Group Inc will pick up 20 per cent stake in Piramal Pharma for around USD 490 million (over Rs 3,700 crore), Piramal Enterprises said on Saturday.

This the second major acquisition by Carlyle in the past two months after it bough majority 74 per cent stake in the animal pharma company Sequent Scientific. The international fund houses have been busy shopping in the Indian pharmaceutical scene ever since the COVID-19 pandemic.

 

"... CA Clover Intermediate II Investments, an affiliated entity of CAP V Mauritius Ltd, an investment fund managed and advised by affiliated entities of The Carlyle Group Inc has agreed to invest fresh equity capital for a 20 per cent stake in Piramal Pharma Ltd," the Ajay Piramal-led company said in a regulatory filing.

The estimated equity capital investment for Carlyle's 20 per cent stake in Piramal Pharma would amount to around USD 490 million, it said.

The final amount of equity investment will depend on the net debt, exchange rate and performance against the pre-agreed conditions at the time of closing of the deal, it added.

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