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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Russian strike hits Ukrainian prison, killing at least 17
Kyiv (AP): A Russian airstrike on a prison in Ukraine's southeastern Zaporizhzhia region killed at least 17 inmates and wounded more than 80 others, Ukrainian officials said Tuesday.
The attack late Monday hit the Bilenkivska Correctional Colony with four guided aerial bombs, according to the State Criminal Executive Service of Ukraine.
At least 42 inmates were hospitalized with serious injuries, while another 40 people, including one staff member, sustained various injuries.
The strike destroyed the prison's dining hall, damaged administrative and quarantine buildings, but the perimeter fence held and no escapes were reported, authorities said.
Ukrainian officials condemned the attack, saying that targeting civilian infrastructure, such as prisons, is a war crime under international conventions.
