PharmEasy has a peculiar malady. The health-tech company held a rights issue over the past few weeks to raise INR3,500 crore to clear its debt. But the board decided to raise money at a share price that is 90% below its peak value. This, despite PharmEasy still being among the leaders in the e-pharmacy segment. Even the sum of parts of its parent company API holdings, which also includes listed player Thyrocare, is more than the current.
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