US Private equity major KKR, Kohlberg Kravis Roberts & Co., will sell its entire 25% holdings in the hospital chain Max Healthcare and is likely to raise Rs. 9,000 crores from the deal.
KKR is an American global Investment company that manages multiple asset classes, such as private equity, real estate, credit, energy and infrastructure. In 2021, the company added more than 650 private equity investments to its portfolio, with approximately $675 billion of total enterprise value.
Through a block deal, the stake sale will be executed through Kayak Investment, the KKR-affiliated entity that has invested in the healthcare company.
KKR holds a total of 26.7 crore shares in Max Healthcare that will be offloaded at a price band of 350-361.9 per share, per the deal terms released on August 15.
KKR acquired shares in Max Healthcare in 2018, along with the Mumbai headquarters Radiant, at Rs 80 apiece.
In June 2021, Kayak Investments held 45.63 crore shares or 47.24 per cent stake in Max Healthcare. On September 29, 2021, KKR sold 8.44 crore shares for Rs 2,956 crores via open market transactions. The shares were purchased by HDFC Mutual Fund, Veritas Funds PLC and SBI Mutual Fund.
Besides this, the KKR affiliate sold another 10% stake for nearly 3,300 crores in March 2022, and the buyers included SBI Mutual Fund, Smaller Cap World Fund, and Pension Fund Global.
Recently, on August 12, Max Healthcare shares closed 2.74% lower at Rs 361.55 apiece on the BSE.