India Resurgence Fund, promoted by Piramal Enterprises and Bain Capital Credit, along with its affiliates today announced an investment of up to Rs 992 crore / USD 144 million in Panacea Biotec. The
investment proceeds will be used for a one-time settlement with existing lenders, general working
capital and growth requirements of the Company.
This investment is structured by way of Non-Convertible Debentures (NCDs) of up to Rs 864 crore and subscription amount of Rs 32 crore towards share warrants to be allotted on a preferential basis. The subscription amount represents 25% of total amount of Rs 128 crore proposed to be raised upon issuance of equity shares against warrants as per SEBI(Issue of Capital and Disclosure Requirements) Regulations, 2018. Subject to exercise of warrants, IndiaRF (along with its affiliates) will collectively end up owning 10.4% stake in the company on a fully diluted basis.
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