Singapore-based investment company Temasek is in advanced talks to sell its 18 percent stake in Manipal Hospitals, according to a report by ET Now.
Temasek bought the stake in the Bengaluru-based hospital chain from True North in September 2017. They bought the stake for around Rs. 1,400 crore.
“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. The firm is not keen to participate in the proposed merger plans between Manipal Hospitals and Fortis Healthcare,” sources told ET Now.
“Announcements on the planned exit by Temasek and the proposed merger between Manipal Hospitals & Fortis Healthcare are expected soon if talks proceed on expected lines ” a source told the channel.
Temasek declined to comment on the speculation, the report said.
Manipal Heath Enterprises, the parent company of Manipal Hospitals, is backed by TPG Capital. TPG Capital holds a 22 percent stake in Manipal Hospitals, according to the report.
Last week, DNA Money reported that Manipal Heath Enterprises will soon acquire Fortis Healthcare Ltd for Rs 6.500 crore.