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ChrysCapital announces investment in Corona Remedies
By IANS |
Published on
Mon, Apr 5 2021 20:57 IST |
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New Delhi, April 5 : ChrysCapital, one of the leading private equity funds in India, has announced its investment in Corona Remedies Private Limited (Corona), one of the country s fastest growing pharmaceutical companies, by acquiring a 27 per cent stake through an entirely secondary deal.
Commenting on the investment, Kshitij Sheth, Director, ChrysCapital, said, ChrysCapital is very excited to partner with Corona in its growth journey. The domestic pharmaceutical market is a large, attractive and resilient market with a healthy outlook. Corona is among the fastest growing companies in the Indian pharmaceutical market with presence in exciting therapeutic areas including cardiology, diabetology and gynaecology. ChrysCapital believes Corona
Indian PE firm ChrysCapital picks 27% stake in Corona Remedies
Photographer: Krisztian Bocsi/Bloomberg
April 5, 2021
Indian homegrown private equity (PE) major ChrysCapital has picked up a 27% stake in Gujarat-based drug manufacturer Corona Remedies through a secondary transaction, according to a press statement issued jointly by the companies on Monday.
While other financial details of the transaction were not disclosed, DealStreetAsia had reported on March 30 that ChrysCapital is close to investing $100 million in Corona Remedies. The report also mentioned that Malaysian PE firm Creador is exiting as part of the transaction.
Creador had acquired a 20% stake in Corona Remedies for Rs 120 crore in 2016.
Seeking to provide a quicker and value-maximising outcome for stressed MSMEs, the government has introduced a pre-packaged resolution process for such enterprises by amending the insolvency law. Now, Micro, Small and Medium Enterprises (MSMEs) can seek resolution for their stress through the pre-packaged process under the Insolvency and Bankruptcy Code (IBC). An ordinance was promulgated to amend the IBC on April 4. Many MSMEs have been impacted by the coronavirus pandemic and experts opined that the latest amendment, which comes less than two weeks after the suspension of certain IBC provisions ended, is a welcome move. The suspension wherein fresh insolvency proceedings were not allowed for a year starting from March 25, 2020 was implemented amid the coronavirus pandemic disrupting economic activities.
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