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Intas Pharma raises R300 crore from ChrysCap before IPO

ChrysCapital has invested R300 crore in Ahmedabad-based Intas Pharma in a pre-IPO round funding. ChrysCapital manages $2.5 billion across six funds and has made 60 investments in India since 1999.
This round of funding has come from ChrysCapital’s Fund Five and, with this investment, the firm has fully invested from its Fund Five.
In March 2012, ChrysCapital raised $500 million for a new fund amid a tough fund-raising scenario. The Intas investment comes as another shot in the arm for the beleaguered healthcare sector, which struggled to find PE investments in 2011, scraping in merely $378.84 million PE investments.
The first quarter of CY 2012 has already clocked in PE investments worth $389.09 million. March 2012 witnessed one of the largest PE investments in the Indian healthcare industry when Government of Singapore Investment Corp invested $100 million in Vasan Healthcare, that operates specialised eyecare hospitals.
Similarly, in February, IDFC Project Equity invested $38.6 million in Pune-based Sahyadri Hospitals, providing an exit to ICICI Venture that had invested in the hospital chain in 2008.
The pharma major with a turnover of over R2,700 crore, has deferred its listing plans for the time-being and intends to re-file for an IPO once market conditions get better. The planned IPO was meant to provide an exit to ChrysCapital’s earlier investment. ChrysCapital had initially invested R50 crore in Intas in 2006 from its Fund Three for a 12.5% stake.
With this fresh round of funding, the total ChrysCapital stake in Intas stands around 20%. Binish Chudgar, vice-chairman & MD, Intas Pharma, said the company was looking to raise R425 crore from the IPO as primary infusion and also facilitate the stake sale of ChrysCapital, providing for 75-100% exit to the fund. Chudgar disclosed that Intas would be looking at an international listing closely and should be filing for the listing soon.
Source: Financial Express

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