NEW DELHI: Singapore state fund GIC, US-based New World Fund and a few other institutions on Tuesday bought the US, private equity major, KKR’s 257 per cent stake in hospital chain Max Healthcare Institute via block deals.
The other buyers included Smaller Cap World Fund, BNP Paribas Arbitrage Fund, Monetary Authority of Singapore, WF Asian Reconnaissance Fund, and WF Asian Smaller Companies Fund, according to data available on the Bombay Stock Exchange.
These shares were purchased by the buyers at Rs 353 apiece. Shares of Max Health closed nearly 10 per cent higher on Tuesday at Rs 396.70 on the BSE. According to block deal data with the BSE, KKR, through its affiliate Kayak Investments Holding, sold a total of 26,01,96,762 equity shares, amounting to 27 per cent stake in the company. This values the transactions at Rs 9,184.94 crore.
Now that KKR has exited the firm, Max Healthcare promoters, led by Abhay Soi, will own about 24 per cent stake in the company. Soi will remain the chairman and MD of the healthcare chain. KKR and its Mumbai-headquartered affiliate Radiant 2018 had acquired 49.7 per cent shares in Max Healthcare at Rs 80 apiece.
In the past year, KKR had reduced its stake in the company which is a part of its exit strategy. In September 2021, KKR sold part of its stake for 2,956 crore and then sold another 10 per cent stake in the company for nearly Rs 3,300 crore in March 2022.