MUMBAI (Reuters) - Private equity firm Apax Partners LLP sold half its stake in Apollo Hospitals Enterprise Ltd , India's largest hospital chain, to Oppenheimer Funds Inc for about 5.23 billion rupees.
U.S.-based Oppenheimer Funds bought 6.3 million shares, or 4.8 percent of the company, from Apax at 830 rupees per share, stock exchange data showed on Monday.
Sources told Reuters in September that UK-based Apax was planning to exit Apollo Hospitals.
Apollo has about 50 owned or managed hospitals with total capacity of more than 8,250 beds.
In 2007, Apax paid about $100 million for an 11 percent stake in Apollo. It held a 9.6 percent stake before the deal announced on Monday.
Apollo shares dipped 0.39 percent to close at 836.80 rupees.
(Reporting by Indulal P.M.; Editing by Tony Munroe and Helen Massy-Beresford)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app