Warburg Pincus is in advanced talks to invest $203 million in MedPlus, India’s second-largest pharmacy retailer, through a mix of debt and equity, for a significant minority stake to pay off existing lenders such as Goldman Sachs and Edelweiss and provide exit to minority shareholders.
PremjiInvest, currently the largest shareholder in the company, will continue to remain invested with around 18% stake and may also participate in this round while Warburg will become the single-largest shareholder. MedPlus founder and CEO Madhukar Gangadi will continue to run the business releasing his share pledges with the investments.
Warburg is believed to have trumped rivals such as Temasek that were also keen to invest in the company, the people said. The final documentation is underway and is expected to get signed this coming week.
Source: VcCircle
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