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Private equity major, ChrysCapital, is investing Rs 300 crore into Intas Pharma, leading to a delay in Intas' plans to file for an initial public offering (IPO).
“The funds will help fuel high growth, borrow more and look at target companies in the international market. We’re doing this to become more aggressive. These funds will take care of our requirements for up to one-and-a-half years,” Mr Binish Chudgar, Intas’ Vice-Chairman and Managing Director, said.
The Rs 2,700-crore Ahmedabad-based pharma company, which also has a significant presence overseas, expects to grow 25 per cent annually.
It will now look to file a fresh draft red herring prospectus (DRHP) in the next few months, with a target to list by the end of the year. Previously, the company had filed a DRHP in July last year, but then conveyed its inability to list to the market regulator.
ChrysCapital Managing Director, Mr Sanjiv D. Kaul, said that the investment will take the PE firm’s stake in Intas to the high teens (just below 20 per cent).
With $2.5-billion of capital managed across six funds, this is the second investment into the same company by ChrysCapital. In 2006, it invested Rs 50 crore to pick up a 12.5 per cent stake, which has since been devalued to 11.3 per cent.
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