Temasek buys 33% additional stake in Manipal Hospitals

NEW DELHI: Singapore government-owned fund Temasek Holdings has become the majority shareholder in Manipal Hospitals by acquiring an additional 33 per cent stake, as per a media report.

The fund bought the stake from India’s leading hospital chain’s promoters and existing shareholders.

Temasek clinched the deal winning over the private equity firm KKR & Co, which had intended to acquire up to 48 per cent of the hospital group. KKR was also attempting to buy a minority investment from the promoter Pai family.

The deal has raised the company’s valuation to Rs 29,000 crore, the report said, citing people aware of the development. Existing shareholder TPG’s holding has been reduced to 11 per cent from the original 22 per cent while promoter Ranjan Pai and family’s stake has dipped to 30 per cent.

National Infrastructure Investment Fund, another investor in Manipal Hospitals, has completely exited the South-based hospital group through this deal by selling its entire 8 per cent stake, the report said.