The deal was executed via Temasek group’s portfolio agency Sheares Healthcare Group, which owns and supplies healthcare providers all over the world, sources near the event stated.

Following the acquisition, the fund’s stake has risen to 59% from the sooner 18%, which was held by Sheares Healthcare India. Temasek has acquired the stake from promoters and different traders akin to TPG Capital Management and National Infrastructure Investment Fund (NIIF), an funding platform anchored by the Indian authorities, sources near the event stated. The deal is predicted to be introduced “anytime soon”, they stated.

Post the transaction, the stake held by promoter Ranjan Pai and household will fall to 30%. TPG Capital has bought 11% stake or half of its complete 22% stake within the hospital chain, whereas NIIF has totally exited by promoting its 8% stake.

TPG had invested $146 million in Manipal Health Enterprises in 2015, and had stayed invested since then. NIIF had invested Rs 2,100 crore in lieu of an 8% stake within the hospital chain via its Strategic Opportunities Fund in April final 12 months. KKR & Co, one other personal main, was additionally within the race, they added.

Temasek and Manipal Health declined to remark.

Following the deal, the chain is more likely to shelve its plans for an preliminary stake sale. Bengaluru-based Manipal Health was mulling an IPO, after it closed a deal to amass Emami Group’s AMRI Hospitals.

Other than Manipal Hospitals, Sheares can also be an investor within the Kolkata-based hospital chain Medica Synergie, whereas Temasek holds a 16% stake in Global Health, the operator of Medanta Hospitals.

Manipal Health Enterprises has been taking a look at increasing operations via acquisitions. Earlier, in 2020 it acquired the Columbia Asia Hospitals’ Indian property for Rs 2,100 crore, and later in June 2021, it purchased out Bengaluru-based Vikram Hospitals from Multiple Private Equity for round Rs 350 crore. Most not too long ago, it acquired Kolkata-based Advanced Medical Research Institute Hospitals, wherein the West Bengal authorities owns about 2% stake, in a deal price Rs 2,400 crore.

Manipal Health was additionally in superior phases of negotiations to amass practically 70% stake in KIMS Health Management, a Kerala-based hospital chain from personal fairness investor True North. FE