Temasek, a Singapore-government fund and the a majority shareholder in Manipal, has sold about 8% stake to a clutch of investors including Mubadala, Novo Holdings and California Public Employees’ Retirement System (CalPERS).
Last year, Temasek Holdings had acquired an additional 41% stake from existing investors and the promoter family for Rs16,500 crore. This deal made Temasek the largest and controlling shareholder in Manipal Health Enterprises through its unit Sheares Health with a total stake of 59%. The transaction valued the chain of hospitals run by the Pai family at Rs 40,000 crore, inclusive of debt.
The Pai family, which founded India’s first privately owned medical college in Karnataka’s Manipal town in 1953, holds a 30% stake in the chain currently.
TPG Capital holds 11% stake in Manipal.
Manipal Health Enterprises recently acquired the Kolkata-based Advanced Medical Research Institute (AMRI) Hospitals in a deal worth Rs2,400 crore.
The buyout of AMRI has added 1,200 beds to the Manipal group’s hospital portfolio, taking the total to about 9,500.
“Manipal is one of India’s leading healthcare networks, distinguishing itself through its commitment to clinical excellence, its strong patient-centric approach, and its impeccable standards of corporate governance,” said Camilla Macapili Languille, Head of Life Sciences at Mubadala. “Given the ever-increasing demand for high-quality hospital care across India, we look forward to supporting Manipal’s growth journey in the years ahead,” she added.
“We are delighted to work with such high-quality partners like Temasek, TPG, Dr. Ranjan Pai and the management team of Manipal to drive the business through the next phase of its growth trajectory,” said Luca Molinari, Head of Asia, Direct Investments, at Mubadala.
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