ChrysCapital reinvests $57m in Intas Pharmaceutical

The Ahmedabad-based firm recently deferred its IPO plans due to difficult market conditions. It will now look to list in 2013, having received approval for a floatation from market regulator the Securities and Exchange Board of India (SEBI), according to Binish Chudgar, vice chairman and managing director.

ChrysCapital's cash injection will help Intas expand its operations and pay down some of its debt pile. The investor - which already holds 11.3% - will gain further share capital following the deal, bringing its total to 15-20%. The Chudgar family retains the remaining shares.

The private equity firm will fully or partially exit the company during the public offer, revealed ChrysCapital Managing Director Sanjiv Kaul.

Last July, ChrysCapital was to part-exit its six-year-old investment by selling around half of its stake on the public markets. Intas was aiming to raise INR425 ($96.3 million) through the offering. The private equity firm acquired a 12.47% stake in Intas in 2005 for $12 million from Vikas 1R, a company jointly owned by ICICI Venture and the Unit Trust of India.

Intas focuses on the development, manufacturing and marketing of pharmaceutical formulations, and owns manufacturing facilities in India, Mexico and the UK.

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• Topics
• Expansion
• Healthcare
• South Asia
• India
• Pharmaceuticals
• Growth capital
• ChrysCapital Management
• ICICI Venture Funds Management Company