Indian homegrown private equity giant ChrysCapital has acquired an additional 3 per cent stake in Intas for $132 million, paving the exit of global investment major Capital International, per a report by The Times of India.
This puts the valuation of the pharmaceutical company at about $4.25 billion, the report added, quoting sources.
ChrysCapital, headquartered in Delhi, had first invested in Intas in 2006, marking its first bet in the pharma space. Since then, this will be the fourth time that the PE firm has pumped in capital in the Ahmedabad-based firm.
The current investment takes ChrycCapital’s stake in the company to 6 per cent.
According to a separate report by Money Control, Capital International’s exit from the company comes as when its parent Capital Group is increasingly moving away from the private equity vertical and ramping up focus on public markets and pension and retirement funds.
Intas is one of the most valuable pharmaceutical companies in India in the private space. It reportedly clocked revenues topping $2 billion in the financial year ending March 2020.
In 2017, the company made headlines when ChrysCapital had offloaded a part of its stake to Capital International at a valuation of $3.5 billion.
Intas, which has set up a network of subsidiaries under the umbrella name of Accord Healthcare, is currently present in over 85 countries worldwide. These include markets such as North America, Europe, Central & Latin America, Asia-Pacific as well as CIS and MENA countries.