Global private equity major The Carlyle Group will acquire 20% stake in Ajay Piramal-owned Piramal Group’s pharmaceutical business for ₹3,700 crore.

CA Clover Intermediate II Investments, an affiliated entity of CAP V Mauritius Ltd, an investment fund managed and advised by affiliated entities of The Carlyle Group Inc., has agreed to acquire a 20% stake in Piramal Pharma Ltd, a wholly-owned subsidiary of Piramal Enterprises that contains all of the company’s pharmaceutical businesses.

The stake sale will be done through fresh equity issuance and the estimated equity capital investment for Carlyle’s 20% stake in Piramal Pharma would amount to $490 million ( ₹3,705.8 crore), Piramal Enterprises Ltd (PEL) said in a notice to the exchanges on Saturday following a board meeting on 26 June.