Adia buys into Corona Remedies

Adia adds another Indian name to its portfolio: Abu Dhabi Investment Authority (Adia) has backed India-based drugmaker Corona Remedies’ INR 7.77 bn (USD 82.4 mn) stake sale, joining a consortium of investors that bought a 7.3% stake in the company, Zawya reports. The Abu Dhabi SWF bought 39.1k shares at INR 1.7k apiece, alongside UK-based investment firm Aberdeen Group.

Who bought and sold? Sepia Investments, Anchor Partners, and Sage Investment Trust sold a combined 4.58 mn shares on 17 June, with Sepia trimming its stake to 12.6% from 19.7%. Domestic mutual funds and investment firms are also among the buyers, The Hindu Businessline reports, citing NSE block transaction data.

Who are they? Ahmedabad-based Corona Remedies develops and markets pharma formulations across women’s healthcare, cardio-diabetes, pain management, urology, and other therapeutic areas.

Why it matters: The transaction adds to Adia’s India portfolio, which already spans healthcare, industrials, energy, food and beverage, and retail. Earlier this month, the SWF also committed USD 675 mn check for Kotak’s real estate fund and backed Acme Solar Holdings’ qualified institutional placement.