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Dec. 03 2015
News by Business Sector
News by Business Sector
Warburg also in the race to buy the pharmacy chain Medpls
Nov 26, 2015, 09.00AM IST
Navbharat Times
[Sneha Shah | Mumbai] Global private equity fund Warburg Pincus, the country's second largest retail pharmacy chain has joined the race to buy Medpls. General Atlantic is to race against him. Some 69 per cent of the shares are owned by PE investors Medpls. According to sources, the company is going to put the value of 35 to 40 million in 2011 to mount PE investors alkylate Capital Management, TVS Capital and India Venture Advisors Medpls the 69 per cent stake in Bank of Bahrain Best Arkapita had bought for Rs 410 crore . The company's remaining shares are held by the promoter Madhukar Gangdi and their families. This means that 2011 PE investors can get a return of investment over two and half times. An investment banker familiar with the deal said, "General Atlantic is due diligence. Warburg Pincus has also expressed interest. " Investment bank Credit Suisse to Medpls been working to find a strategic buyer Medpls Hakaandhr State Health Services, founder and CEO of Madhukar did not respond to questions sent by email. Meanwhile, General Atlantic spokesman also declined to comment. Warburg Pincus are also unanswered questions. Medpls revenue is around Rs 1,200-1,300. Sales promoters in the deal are expected to double the price. Accordingly, the company's value could be between Rs 2200-2500 crore Hakdil a related source said, "the pharmacy sector in the country is largely unorganized. The organized retail segment has picked up the pace. Medpls stake in running the match between two investors. " Madhukar want to stay in business. After the deal, the sources said he would like to maintain a small stake in the company. However, another source connected to the deal said the company is in talks with the 74 per cent stake.
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