PharmEasy CEO has three-year lock-in, Ranjan Pai to get three board seats
PharmEasy cofounder and chief executive Siddharth Shah will have a three-year lock-in on his remaining stake in the epharmacy startup, along with getting a board seat at the company that has just closed a Rs 3,500 crore rights issue.
Interestingly, Ranjan Pai, chief of Bengaluru-based Manipal Group, will have three board seats at PharmEasy parent API Holdings as part of his investment in the company, people aware of the terms said. He is emerging as the largest shareholder with at least a 15% stake after the rights issue, they said.
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Offering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIndian School of BusinessISB Product ManagementVisitPai is also joining the board of PharmEasy and is expected to work with CEO Shah. He will retain the board seats as long as his holding doesn’t go below 15%, people in the know added. His family office is investing around Rs 1,300 crore in PharmEasy.
Siddharth Shah, cofounder and chief executive, PharmEasy
The rights issue was initially planned for Rs 2,400 crore, but later increased to Rs 3,500 crore.
Sources said the rights issue was oversubscribed at around Rs 3,900 crore.
Mumbai-based PharmEasy briefed its investors on Tuesday evening on the closure of the rights issue as well as on its business plans. Prosus Ventures, TPG, Temasek, Abu Dhabi's ADQ, Amansa Capital and others have subscribed to the rights issue investing around Rs 2,200 crore. The rest of the capital is coming from Pai.
Besides Siddharth Shah, Dhaval Shah, Dharmil Sheth, Harsh Parekh and Hardik Dedhia are the other cofounders of the company. Founders
