Universalise spirit of service to become global leader: Bhagwat
The RSS chief was speaking at the inauguration ceremony of the three-day Rashtriya Sewa Bharti's Seva Sangam at Keshav Vidyapeeth, Jamdoli, Jaipur on Friday.
Global private equity major The Carlyle Group will pick up 20 per cent stake in Piramal Group’s pharmaceutical business for around $490 million (over Rs 3,700 crore), the group said on Saturday.
“…the strategic growth investment CA Clover Intermediate II Investments, an affiliated entity of CAP V Mauritius Ltd, an investment fund managed and advised by affiliated entities of The Carlyle Group Inc has agreed to invest fresh equity capital for a 20 per cent stake in Piramal Pharma Ltd,” the Ajay Piramal-led company said in a regulatory filing.
The proposed transaction values the Pharma Business at an enterprise value of $2,775 million with an upside component of up to $360 million depending on the company’s FY21 performance, the company said in the filing.
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“The estimated equity capital investment for Carlyle’s 20 per cent stake in Piramal Pharma would amount to around $490 million. The final amount of equity investment will depend on the net debt, exchange rate and performance against the pre-agreed conditions at the time of closing of the deal,” it added.
The company said that this fresh growth investment into its Pharma Business will be used as growth capital for the pharma businesses to expand capacity across our sites as well as to tap attractive acquisition opportunities within and outside India.
“In the interim, the proceeds from this capital raise may also enable us to further strengthen our balance sheet through deleveraging in the near term,” it said.
The revenue of the Pharma Business for the financial year ended March 31, 2020 was Rs. 5,419 crore contributing 41% of the Company’s revenue. The Pharma Business delivered 41% growth in EBITDA to Rs. 1,436 crore during FY2020, at an EBITDA margin of 26%, for the financial year ended March 31, 2020.
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