Super Religare Laboratories Ltd. (a Subsidiary of Fortis Healthcare) has secured a PE funding for Rs. 370 Cr. from International Finance Corporation (IFC) and NYLIM Jacob Ballas India fund. IFC , a World Bank investment arm would be investing Rs. 250 Cr. , while NYLIM Jacon Ballas India fund would be investing Rs. 120 Cr. The investors would get compulsorily convertible preference (CCP) shares in lieu of the investments. The conversion price of the CCP’s has been set at Rs. 201 – 220. Post conversion Fortis Healthcare stake in Super Religare would be about 55 percent.
For SRL, this is the third round of PE funding. Last year, Avigo Capital Partners and Sabre Partners had invested Rs. 150 Cr. in the company. The company had also filed a draft prospectus for an IPO but had to withdraw it due to the market conditions.
The business set up in 1996 , was renamed as Super Religare Laboratories Ltd, in 2008. In June 2010 SRL acquired Piramal Diagnostic Services Private Limited for Rs. 600 Cr., making it the country’s largest diagnostic player.