India Pharma Outlook Team | Tuesday, 05 April 2022
US private equity company KKR & Co set to raise Rs 3500 crore by selling around 10 percent of its stake in Max Healthcare through multiple block deals on Thursday. Kayak Investments, an affiliate of KKR will sell shares in the range of Rs 340- Rs 361 apiece, offering a concession of upto 6 percent from its Wednesday’s close, according to the terms of the deal seen by ET. KKR, which had taken over the stake in Max in 2018, will sell
7.76 crore shares in the base case and have an option to upsize the offering to sell another 1.93 crore shares. Jefferies and Kotak Mahindra Capital are the bankers to the transaction. When contacted, KKR declined to comment.
September, KKR sold 8.44 crore shares for Rs 2,956 crore through multiple block deals and the shares were picked up by institutional investors including HDFC Mutual Fund, Veritas Funds and SBI Mutual Fund, regulatory data showed. KKR along with Mumbai-headquartered Radiant, which forms the US PE firm’s healthcare venture platform in India, bought 49.70 per cent stake in Max Healthcare from South Africa-based Life Healthcare Group Holdings for about Rs 2,120 crore, Shares in Max closed up 2.39 percent at Rs 364.
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