Temasek may bid for CVC's 60% stake in Healthcare Global

“Temasek volition either bid unsocial oregon spouse 1 of the different backstage equity funds," 1 of the 2 radical said, adding that imaginable suitors person submitted archetypal bids and are conducting owed diligence now.

Shares of HCG closed astatine ₹358.80 a stock connected the NSE connected Thursday, down 1.98%, portion the Nifty scale closed astatine 22,648.20 points. Its full marketplace capitalization stood astatine ₹4,997.71 crore.

CVC Capital Partners, which purchased astir 59% successful Healthcare Global for ₹1,100 crore successful 2020, raised its shareholding to implicit 60.4% later. At the existent stock terms and marketplace cap, the involvement is worthy implicit ₹3,004 crore.

When contacted, Dr B.S. Ajai Kumar, laminitis of Healthcare Global, said helium does not program to merchantability his adjacent to 11% involvement oregon summation his stake. Kumar declined to remark connected the deal, directing each queries to CVC Capital Partners.

“I americium not selling my stake. As acold arsenic I americium concerned, I americium the founder, a doctor, funny successful oncology and I program to proceed astatine HCG," Kumar, 71, said.

Kumar’s girl Anjali Ajaikumar Rossi is enforcement manager – strategy astatine HCG. Kumar besides clarified that helium is besides not readying to summation his involvement astatine the firm, dismissing rumours that helium could spouse with different backstage equity steadfast to assistance summation his stake. "No specified information arsenic of now," helium said.

Queries emailed to the spokespersons of TPG and VPS remained unanswered. Temasek and Bain Capital declined to comment.

Cancer care

Established successful 1989, HCG operates chiefly successful oncology, with 23 crab attraction centres arsenic of 31 December, 2023, and 4 multi-speciality hospitals. The institution has its beingness successful cities specified arsenic Ahmedabad, Chennai, Nasik, Ranchi, Rajkot, Cuttack, Hubli, Mumbai, Nagpur, Vizag, and Vijayawada. It is contiguous crossed the oncology worth chain, offering services from prevention, screening, diagnosis and attraction to rehabilitation, supportive care, and palliative care.

The institution recorded an operating income of ₹1,417.5 crore successful the 9 months ending December 31, 2023. “Going forward, the company’s gross maturation is expected to stay steadfast driven by expanding crab incidence successful summation to HCG’s established presumption successful the oncology segment. Further, the institution expected to witnesser betterment successful profitability margins supported by improving operating leverage, simplification successful losses and turnaround of its emerging centres, and continued betterment successful payor mix," a 28 March ratings study by ICRA said.

Also Read | Temasek sells 8% involvement successful Manipal Health to Mubadala, others

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Published: 02 May 2024, 07:04 PM IST