One of the leading medical companies of India, Manipal Group has offered to invest approximately Rs 1,000 crore for a stake of 18% in online Pharmacy major,Pharmeasy owner API Holdings, so that the digital healthcare company can repay its debt. Moneycontrol reports that API Holdings which has been engaged in fundraising discussions with potential investors had obligated Thyrocare shares as subordinate for the debt.
The API Holdings has to pay the debt of Rs 2,500 crore. Previously, the company had obliged the shares of its subsidiary Thyrocare to Goldman Sachs as the collateral for the debt. In June 2021, API acquired 66 per cent stake in Thyrocare for Rs 4,546 crore. If this deal goes well, Ranjan Pai ,
the Chairman of Manipal Group will be the largest shareholder and will have a board seat. Besides, the other existing investors are expected to pump in approximately Rs 1,500 crore in a funding round led by the Manipal Group.
India’s largest online pharmacy, PharmEasy provides a range of services ervices spanning digital tools and information on wellness, teleconsultations, diagnostic and radiology tests and treatment deliveries. Prosus, Temasek, B Capital, Tiger Global, Orios, Kotak PE are among the leading investors of the company. Earlier PharmEasy told its board and investors raise around Rs 2,400 crore through a rights issue at a 90 per cent lower stock price to help repay its loan from Goldman Sachs. API Holdings will issue new stock at Rs 5 per share in its rights issue.
In April 2023, Temasek said it will take majority control in Manipal Health Enterprises following the acquisition of an additional 41% stake in the hospital chain. Ranjan Pai, recently sold a significant part of its stake in Manipal Health Enterprises to Temasek.
PharmEasy is said to be planning to raise 2,500 crore money which it requires to repay its debt, from Goldman Sachs.
