INDIA- American global investment company, Kohlberg Kravis Roberts & Co., (KKR) has sold a 27% share in the hospital network Max Healthcare Institute for Rs 9,185 crore (approx. US$ 1.156 billion).
According to block sale data filed with the Bombay Stock Exchange, BSE, KKR sold a total of 26,01,96,762 equity shares—or a 27 percent stake in the company—through its affiliate Kayak Investments Holding Pte. Ltd.
Numerous organizations, including the Singaporean government, the Monetary Authority of Singapore, the Smaller Cap World Fund Inc., and the New World Fund Inc., have purchased the shares.
For the past year, KKR has been selling its shares in Max Healthcare. Its ownership of the company decreased from 47.24% at the end of June 2021 to 27.54% at the end of June 2022.
Radiant Life Care, a hospital management company backed by KKR, has previously announced a complex agreement to eventually buy a majority position in Max Healthcare Institute.
Since 2018, KKR and Radiant Group had been Max Healthcare’s co-promoters. With the most recent exit, the company’s board will be reorganized, adding three independent directors and new investors’ nominees in the coming days, according to a banking source.
It has been a privilege to work with Abhay and the committed team at Max Healthcare over the past five years to significantly invest in the business’ growth, innovation, and offerings on behalf of the patients across India who depend on Max’s critical care and services
Abhay Soi will remain the chairman and MD of Max Healthcare and plans to raise his stake by 1 percent.
Max Healthcare’s consolidated net profit, which rose by 12% in the June quarter, was driven by yearly pricing revision and normalization of patient footfalls.
Gaurav Trehan, partner and head of KKR India, stated that it has been a privilege to work with Abhay and the committed team at Max Healthcare over the past five years to significantly invest in the business’ growth, innovation, and offerings on behalf of the patients across India who depend on Max’s critical care and services.
Leading international investment company KKR provides capital markets, insurance solutions, and alternative asset management.
By adopting a careful and methodical investment strategy, hiring top-tier talent, and encouraging growth in its portfolio firms and communities, KKR hopes to produce lucrative investment returns.
In addition to having strategic partners that run hedge funds, KKR sponsors investment funds that invest in real estate, private equity, and credit.
Under the supervision of Global Atlantic Financial Group, KKR’s insurance companies provide retirement, life, and reinsurance products.
The operations of its sponsored funds and insurance subsidiaries may be mentioned in connection with KKR’s investments.
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