Temasek acquiring additional 41 pc stake in Manipal Health: Sources
New Delhi: Singapore government-owned fund Temasek Holdings is believed to have acquired an additional 41% stake in Manipal Health Enterprises for about ₹16,500 crore to have majority control in the Bengaluru-based firm.
Temasek Holdings-backed Sheares Health, which already holds 18% in Manipal, is acquiring the stake valuing the healthcare chain at about ₹40,000 crore, making it the largest deal in the Indian healthcare sector, people aware of the development said.
An official announcement is expected next week.
When contacted, Manipal Health Enterprises declined to comment.
Meanwhile, Temasek Holdings said, “As a matter of policy, Temasek does not comment on market speculation”.
It is understood that the deal is being carried out through the acquisition of shares from the current promoters of Manipal Health -- the Pai family and other shareholders, including TPG Capital.
The Pai family currently holds 52% of the company and after the transaction, their holding will come down to 30%.
Similarly, TPG Capital's holding is also expected to come down to 11% from 22%, sources said.
On the other hand, the National Infrastructure Investment Fund, which has around 8% stake in Manipal, will completely exit.
Started in 1953, Manipal Health is a multi-speciality healthcare provider with 29 hospitals with around 8,300 beds, spread over 16 cities.
The transaction tops the list of multi-crore deals in the Indian healthcare sector, including the ₹9,100 crore stake sale of 27% stake by KKR in Max Healthcare last year and Malaysia-based IHH Healthcare's 31.17% buy-in Fortis for ₹4,000 crore in November 2018.
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KKR defeat LSG via Super Over
Lucknow (PTI): Kolkata Knight Riders edged Lucknow Super Giants via Super Overs in a battle between two bottom-placed teams in the IPL, here on Sunday.
Chasing a modest 156, LSG suffered a batting collapse and managed to tie the contest and take it to Super Over with No. 9 Mohammed Shami striking a last-ball six against a wayward Kartik Tyagi, who leaked 16 runs in the final over.
But Sunil Narine bowled a stunning Super Over conceding just one run and taking two wickets to give KKR an easy target.
Rinku Singh then finished the chase with a boundary off first ball from Prince Yadav.
Earlier the KKR were in deep trouble with 93/7 in 15 overs but Rinku smashed a sensational 83 not out from 51 balls including four sixes in a row in the final over to lift them to 155/7.
Cameron Green (34) was the only other batter to reach double-digit scores as KKR suffered a familiar batting meltdown with Mohsin taking his maiden fifer.
In reply, LSG continued their dismal show with the bat to succumb to their fifth loss in a row.
Brief Scores:
Kolkata Knight Riders 155/7; 20 overs (Rinku Singh 83 not out, Cameron Green 34; Mohsin Khan 5/23). Lucknow Super Giants 155/8; 20 overs (Rishabh Pant 42). KKR won via Super Over.
