Morgan Stanley, Nippon Among Four Entities To Pick Up Rs 438-Crore Stake in HealthCare Global

Morgan Stanley and Nippon India Mutual Fund, along with Motilal Oswal MF and Plutus Wealth Management, acquired around 63 lakh shares of HealthCare Global Enterprises in open market deals, data from the NSE showed on Thursday.

The block transaction, valued at about Rs 438 crore, saw the investors collectively pick up a 4.52% stake in the Bengaluru-based oncology hospital chain from private equity firm CVC Capital Partners.

The transaction was valued at around Rs 437.85 crore, and was executed at an average price of Rs 695 apiece on the National Stock Exchange.

Meanwhile, Luxembourg-based CVC Capital Partners through its affiliate, Aceso Company Pte Ltd offloaded these shares at the same price.

After the stake sale, Aceso Company holding in HCG has come down to 4.24% from 8.76%.

Shares of Healthcare Global Enterprises on Thursday fell 1.31% to close at Rs 685.95 apiece on the NSE.

In February this year, private equity major KKR announced that it had signed definitive agreements with CVC to acquire up to 54% of the equity stake in HCG for about $400 million.

After the completion of the transaction, KKR became the largest shareholder in HCG.

Founded in 1989, HCG is one of India's largest oncology hospital chains. It operates 25 medical care centres across 19 cities.

(With inputs from PTI)