In less-than a year since it invested, Singapore’s sovereign wealth fund Temasek is in talks to exit its investment in Bengaluru-headquartered multi-speciality hospital chain Manipal Hospitals, according to a report citing sources.
As per the news report, in September last year, Temasek had acquired 18 percent stake in Manipal Hospitals from private equity firm True North for around Rs 1,400 crores.
“Temasek is planning to exit Manipal Hospitals and is in active discussions to sell its minority stake of 18% to the promoter Ranjan Pai and is expecting a premium,” said one of the sources quoted in the report,
According to the sources, Temasek is not keen to participate in the merger plans between Manipal Hospitals and Fortis Healthcare, which has been proposed by existing investor TPG Capital, which holds 22 percent stake in the hospital chain.
“Temasek will continue their focus on the domestic healthcare sector and evaluate other investment opportunities,” said another source. – Deal Street