Actis Closes The Deal With Paras Pharma
Private equity fund Actis has completed the deal with Ahmedabad-based Paras Pharmceuticals. The fund has picked up 23 per cent in Paras at probably Rs 755 crore valuation, reports The Economic Times. The Rs 174-crore deal involves buying out the stakes of some of the Patel brothers who own the company. This also includes Actis’ investment of Rs 25 crore throigh preferential allotment. The fund has subscribed to the preferential allotment at Rs 835.8 per share whose face value is Rs 10.
Brothers Girish and Devendra Patel, now joint promoters, will hold the majority 60% stake. They have also put off their IPO plans for another two or three years. Paras is known for their household brand names like Moov, Borosoft, Dermicool, Itchguard, Krack, D’Cold and Stopache. [Via The Economic Times]
