Temasek to shed 8-9% in Manipal Hospitals to sovereign wealth funds
Temasek is paring its holding in Manipal Hospitals six months after it bought a controlling stake, but the Singapore sovereign wealth fund (SWF) will continue to hold 51% in the hospital chain, people aware of the development said.
Temasek-owned Sheares Health is in advanced negotiations to sell 8-9% in Manipal Health Enterprises to Abu Dhabi fund Mubadala and Brunei Investment Authority (BIA), another SWF, at an enterprise valuation of $5 billion, or about ₹40,000 crore, they said. The valuation is the same as when Temasek acquired an additional 41% to take its holding in the Bengaluru-headquartered hospital chain to 59%.
Empower Your Corporate Journey with Strategic Skill Courses
Offering CollegeCourseWebsiteUniversity of Western AustraliaUWA Global MBAVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitIIM LucknowIIML Senior Leadership ProgrammeVisitIIM KozhikodeIIMK General Management Programme for Business ExcellenceVisit«Temasek is rebalancing the portfolio by taking some money off the table,» said a person aware of the developments.
'Rebalancing Portfolio'
Also, bringing in these funds — that are also large LPs (limited partners) — «will help in future if large inorganic opportunities come by,» said the person.
TPG holds an 11% stake in the hospital chain, while the founding promoters, the Pai family — that founded India's first privately owned medical college in Karnataka's Manipal town in 1953 — own 30%.
Ranjan Pai, chairman of Manipal Education and Medical Group, was unavailable for comment. Temasek declined to comment. Mails to Mubadala and BIA did not generate a response till press time on Thursday. Mubadala has so far invested about $4 billion in India, largely in telecom and retail companies owned
