PharmEasy plans Rs. 2400 crores rights issue at 90% discount.

26 July 2024

To pay back its debt from Goldman Sachs, PharmEasy plans to raise around Rs 2,400 crore through a rights issue at a 90% discount to its highest stock price. Existing shareholders, TPG and Temasek, are leading the rights issue. Ranjan Pai, chairman of the Manipal group, is likely to invest Rs 1,000 crore in the rights issue. Pai is expected to join the company’s board. 

PharmEasy will issue new stock at Rs 5 per share. The rights issue will likely take place at a valuation of around $500 Mn-$600 Mn, a sharp drop from its valuation of $5.6 Bn in 2021.