New Delhi, June 18 -- Homegrown private equity firm ChrysCapital has booked strong returns in its latest liquidity move by offloading part of its stake in a healthcare company whose shares have rallied after listing on stock exchanges late last year.
ChrysCapital, which last year set a domestic record by marking the final close of its tenth fund at $2.2 billion, divested nearly a third of its remaining stake in drugmaker Corona Remedies Ltd earlier this week.
The PE firm sold almost a 7.3% stake in the branded drug formulations maker for Rs 776.9 crore ($82.3 million).
Sovereign wealth fund Abu Dhabi Investment Authority, Aberdeen's Asia-focused investment fund, Aditya Birla Sun Life Mutual Fund, and several other mutual funds were among the buyers, stock-exchange data show.
This is ChrysCapital's second exit move from Corona Remedies, which went public in December.
ChrysCapital had poured around Rs 687 crore into Corona Remedies in 2021. It bought Corona's shares from Malaysian PE firm Creador and the promoters, valuing the drugmaker at around Rs 2,500-2,600 crore. That deal provided Creador with around 4x in cash exit over a period of five years, translating into an internal rate of return (IRR) of around 35%.
Before the IPO, ChrysCapital owned a 27.5% stake in the company. This fell to less than 21% after the IPO as it made a partial exit and raised Rs 428 crore, generating an IRR of 22-23% in rupee terms.
With this week's partial exit, ChrysCapital's stake is likely to have dropped to around 13.5%.
The latest liquidity move helped the PE firm generate an IRR of 32% and a multiple on invested capital (MOIC) of 4.2 times in rupee terms, according to VCCircle estimates based on the first-in, first-out (FIFO) method. This is well above the 20% annualised returns that PE funds typically target in local currency.
Overall, ChrysCapital's realised IRR so far from the two partial exits is around 28%, the estimates show.
Shares of Corona Remedies have surged 72% from their IPO price of Rs 1,062 apiece, while the broader market has since weakened with the benchmark Nifty 50 declining over 7% since mid-December. Its current market capitalisation is around Rs 11,229 crore as of Thursday's trading session.
Corona Remedies is an India-focused branded pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women's healthcare, cardio-diabeto, pain management, urology and other therapeutic areas. It has more than doubled its revenue and net profit in the last four years.
As per its investor presentation, the company's 2025-26 consolidated revenue jumped 17.3% to Rs 1,403.2 crore, while its operating profit rose 22.3% to Rs 293.4 crore at an EBITDA margin of 20.9%. In that period, Corona made the acquisition of Wokadine from Dr. Reddy's, marking its entry into the povidone iodine market. It also acquired seven brands from Bayer Zydus to firm up its presence in the infertility segment.
Published by HT Digital Content Services with permission from VC Circle.