On August 16, the largest US private equity firm KKR will sell its whole 27 percent ownership in the hospital network Max Healthcare. The deal is expected to generate Rs 9,000 crore.
The KKR-affiliated corporation Kayak Investment, which invested in the healthcare company, will carry out the stake sale via a block deal.
According to the purchase terms announced on August 15, the business would sell all 26.7 crore of its Max Healthcare shares at a price range of Rs. 350-361.9 per share.
The upsize option is for the remaining 6.83 percent stake, or 6.6 crore shares, while the basic offer is for approximately 20 percent stake, or 19.3 crore shares, it continued. The upper end of the estimate for the deal’s total value is around Rs 9,416 crore.
In 2018, KKR purchased the shares of Max Healthcare at a price of Rs 80 a share along with Radiant, which has its headquarters in Mumbai.
Kayak Investments owned Rs 45.63 crore shares, or 47.24 percent of Max Healthcare, as of June of last year. The business sold 8.44 crore shares for Rs 2,956 crore on September 29, 2021, in open market transactions. Among others, HDFC Mutual Fund, Veritas Funds Plc, and SBI Mutual Fund purchased the shares.
In March 2022, the KKR-affiliated entity sold an additional 10% of the business for just under Rs 3,300 crore. SBI Mutual Fund, Pension Fund Global, and Smaller Cap World Fund were among the buyers.
On August 12, Max Healthcare’s shares on the BSE finished 2.74 percent lower at Rs 361.55.
