Ranjan Pai, chairman of Manipal Education and Medical Group, has pledged an investment of Rs 1,300 crore in the PharmEasy rights issue. This commitment was made through his family office, according to sources familiar with the matter.
This investment by Pai is part of a larger Rs 3,500 crore fundraising effort by the e-pharmacy company through the rights issue. The issue was oversubscribed at Rs 3,950 crore, but the company is only raising Rs 3,500 crore.