Sources, however, said Temasek stake buyout would be for over Rs 16,300 crore valuing Manipal Health Enterprises (MHE) at around Rs 40,000 crore, making it the largest deal in the Indian healthcare sector.
Following the closing of the transaction,
Sheares Healthcare Group, a wholly-owned subsidiary and independently-managed portfolio company of Temasek, will retain its existing 18 per cent stake, it said.
Besides, global alternative asset management firm
But, TPG will hold an interest of 11 per cent in the healthcare chain, through its new Asia fund - TPG Asia VIII, it added.
National Investment & Infrastructure Fund (NIIF) will exit its holding from MHE, the statement said.
"We are very glad for Temasek's acquisition of a significant stake in Manipal Health Enterprises and its support to the management team in building out the platform to its full potential," Manipal Group Chairman
Investing in healthcare requires a long-term outlook as well as a sensitivity to social responsibility, he noted.
"I am glad that we have partners like Temasek and TPG who resonate with these values and will continue to be a part of the journey ahead.
"I am also grateful to NIIF who partnered with us at a critical juncture, at the peak of the Covid-19 pandemic and supported us as we continued to provide high-quality healthcare," Pai added.
Headquartered in Bengaluru, Manipal Hospitals currently serves over fifty lakh patients a year through its network of 29 hospitals.
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