Carlyle Group picks 27% in Medanta Medicity Hospital for Rs 960 cr

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Medanta medicityMedanta is co-promoted by Naresh Trehan and Sunil Sachdeva, who will proceed to carry a 55% stake within the firm. Reuters
Non-public fairness agency Carlyle Group has picked up 27% stake in Gurgaon-based multi-specialty Medanta Medicity Hospital for Rs 960 crore, valuing the corporate at Rs 3,550 crore, or almost $600 million. At this worth, Medantas enterprise worth per mattress is Rs 2.8 crore whereas for Apollo Hospitals and Fortis Healthcare Ltd it’s R1.4 crore.

The stake has been purchased from US-based PE agency Avenue Capital. Medanta, which has a capability of 1,250 beds, is co-promoted by Naresh Trehan and Sunil Sachdeva, who will proceed to carry a 55% stake within the firm.

Avenue Capital had invested Rs 2,24.6 crore in Medanta in June 2006 and the hospital chain had allotted 1.3 crore shares to the PE agency at a premium of Rs 162.82 per share. Primarily based on the present stake sale, shares are valued at Rs 728.46 per share. Different shareholders within the firm embody 18% stake held by Punj Lloyd.

Apollo, Indias largest multi-speciality hospital chain, has a capability of 8,420 beds and market capitalisation as on December 18, 2013 is Rs 11,439 crore and an enterprise worth of Rs 11,979.6 crore. Fortis, which has a capability of 5,400 beds, has a market capitalisation of Rs 4,757.4 crore and an enterprise worth of Rs 7,528.9 crore.

Apollo and Fortis have additionally raised cash from PE corporations prior to now. In October, Apollo introduced its plans to boost Rs 550 crore via debt from US PE agency Kohlberg Kravis Roberts. Fortis has additionally raised Rs 250 crore from Normal Chartered PE and R570 crore from Worldwide Finance Company.

Cardiac surgeon Trehan began the enterprise together with Sachdeva after exiting Escorts Coronary heart Institute. The Medicity Hospital mission was conceived as World Well being in 2004 and have become purposeful in late 2009.

On the finish of September 2013, Carlyle had $185 billion in property underneath administration, with $62.2 billion in personal fairness. The funding shall be made via Mauritius-based Anant Investments which is a particular objective acquisition automobile, owned and managed by funds managed by the Carlyle Group. Avenue Capital Group has roughly $12.3 billion in property underneath its administration, as of September 30, 2013.

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