Temasek wins approval to buy Intas stake from ChrysCapital

The deal will represent a partial exit for ChrysCapital, which owns about 16.5% of the business. Temasek subsidiary Dunearn will buy a 10.16% stake in Intas from Mozart, a vehicle controlled by ChrysCapital's third fund, according to a CCI filing.

ChrysCapital invested in Intas across two rounds in 2006 and 2012. The first investment, which came via Fund III, saw the acquisition of a 12.47% stake from ICICI Venture for $11.8 million. The second deal in 2012 saw ChrysCapital buy a further 4% stake for $57 million through Fund V, shortly after Intas deferred plans to go public due to market volatility.

Another attempt at an IPO came last year. The offering was to comprise of a fresh issue of equity shares aggregating up to INR2.25 billon plus 11.6 million shares representing ChrysCapital's 10.16% stake held via Fund III. The IPO received approval from the Securities and Exchange Board of India (SEBI) last September but the permission has since lapsed.

Based in Ahmedabad, Intas claims to be a leading vertically integrated drug developer with a 2.51% share of India's pharmaceutical market and a 4.85% share of the domestic pharmaceuticals market for chronic conditions. The company reported INR5.14 billion profit after tax for the year ended March 2014, compared to INR3.89 billion last year.

Intas represented ChrysCapital's first foray into the pharma sector, but the GP has since made several investments in the space, including Mankind, Cadila, Eris Lifesciences, Ipca Labs and most recently Torrent Pharma.

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• Topics
• Healthcare
• Southeast Asia
• South Asia
• Exits
• Pharmaceuticals
• India
• ChrysCapital Management
• Temasek Holdings
• Singapore
• Exit