KKR News: KKR to sell 10% stake in Max Health for Rs 3500 cr through block deals

US private equity firm KKR & Co on Thursday set to raise Rs 3,500 crore by selling its nearly 10 per cent stake in Max Healthcare through multiple block deals.

As per the terms of the deal seen by ET, Kayak Investments, an affiliate of KKR, will sell shares in the range of Rs 340 to Rs 361, offering a discount of up to 6 per cent from Wednesday’s close.

KKR, which acquired a stake in Max in 2018, will sell 7.76 crore shares in the base case and will have the option to extend the offer to sell another 1.93 crore shares.

Jefferies and Kotak Mahindra Capital are the bankers to the transaction.

When contacted, KKR declined to comment.

In September, KKR sold 8.44 crore shares for Rs 2,956 crore through multiple block deals and shares were picked up by institutional investors including HDFC Mutual Fund, Veritas Fund and SBI Mutual Fund, regulatory data showed.

KKR in association with Mumbai-headquartered Radiant, which forms the US PE firm’s healthcare investment platform in India, bought a 49.70 per cent stake in Max Healthcare from South Africa-based Life Healthcare Group Holdings for about Rs 2,120 crore.

The stock closed at Rs 364, up 2.39 per cent in Max.

Originally published at Pen 18