Baring may invest $15 million in Shilpa Medicare
Baring Private Equity Partners India is considering a reported INR70 crore ($15 million) investment in pharmaceuticals manufacturer Shilpa Medicare, weeks after news surfaced that Tano Capital had sold its stake in the company to earn 4.5x return on its initial $2 million investment.
Local reports note the investment would come from Baring's India Private Equity Fund III, through the purchase of two million shares in the company that would award it an 8-9% stake. Shilpa Medicare's promoters have an approximate 60% stake in the company and are looking to bolster their holding by purchasing an additional 500,000 warrants.
Earlier this month, Mumbai-based Tano Capital made a complete exit from Shilpa four years after it first linked with the company. Shilpa, which specifically exports active ingredients such as fine chemicals, intermediates and herbal products used in medicines, saw profit-after-tax rocket more than 10x over the last four years, up to INR44.3 crore ($9.6 million) in 2010 from INR4.27 crore ($927,870) in 2006.
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