US-based private equity firm KKR has divested its entire 27% stake in hospital chain Max Healthcare Institute for around $1.16bn (Rs91.85bn), reported LiveMint.
This move represents KKR’s largest exit from an Indian firm.
A host of entities including the Government of Singapore, Monetary Authority of Singapore, Smaller Cap World Fund, New World Fund, WF Asian Smaller Companies Fund and BNP Paribas Arbitrage picked up KKR’s shares in Max Healthcare, reported Times of India.
KKR, via its affiliate Kayak Investments Holding, sold around 260 million equity shares of Max Healthcare at $4.44 (Rs353) each.
Most of these shares were sold through bulk deals in the open market.
A person close to the development told LiveMint: “While a little more than 260 million shares were sold via bulk deals, the rest seven million shares held by KKR were sold through ordinary market trades.”
KKR and Abhay Soi held 27.54% and 23.09% stakes, respectively, in Max Healthcare.
Following KKR’s exit, Soi has become the sole promoter of the healthcare company.
KKR has been selling its stake in Max Healthcare since last year.
From 47.24% interest at the end of June 2021, KKR has trimmed its stake to 27.54% at the end of June this year.
In 2018, Radiant Life Care, a hospital management company backed by KKR, had declared a multi-layered deal to buy majority stake in Max Healthcare Institute.