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Tano Capital Reinvests In Shilpa Medicare, Picks Up 1.5%

30 March, 2012

One-and-a-half year after its exit from active pharmaceutical ingredients manufacturer Shilpa Medicare Ltd, private equity player Tano Capital has reinvested in the public-listed company by acquiring 1.5 per cent stake for around Rs 8 crore ($1.5 million).

Tano acquired 3.5 lakh shares from ICICI Prudential Mutual Fund at Rs 225 a share on Friday. The company’s scrip closed at Rs 239.60 a share, up 5.6 per cent on the BSE in a strong Mumbai market.

In August 2010, after making a return of 4.5x, Tano had exited the company (more on that here).

The PE firm had invested around $2 million in Shilpa Medicare in early 2006 from its Fund I. Prior to that, Strategic Ventures Fund Ltd (SVF), a private equity fund managed by Frontline Strategy, also exited Shilpa Medicare with 4x returns.

“Today’s investment has been done from its second fund, Tano Mauritius India FVCI II,” one of the persons privy to the developments said. “The fund will invest more in the company in the coming days.”

Attempts to reach the spokesperson of Tano Capital for comments did not yield results.

Private equity investor Baring India Pvt Ltd invested around Rs 70 crore in 2010 and currently holds around 9.8 per cent stake in the company.

Shilpa Medicare is a Raichur (Karnataka)-based pharma company engaged in the manufacturing of API, fine chemicals, intermediates, herbal products and specialty chemical products. It is now ready with its oncology drug manufacturing business and has developed the molecules too.

For the quarter ended December 31, 2011, the company saw its consolidated revenues rise to Rs 83.8 crore, up 30 per cent over the year-ago period, with profit after tax pegged at Rs 6.4 crore, down 25 per cent over Q3 FY11.


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Tano Capital Reinvests In Shilpa Medicare, Picks Up 1.5%

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