Max Healthcare slumps 5.5% as Kayak Investment plans 6.6% stake sale
A term sheet issued by Kotak Capital detailed the stake sale plan by Kayak Investments. At 10:00 IST, shares of Max Healthcare Institute were down 5.52% at Rs 349.30 on the National Stock Exchange.
By Bhaskar Dutta, ETMarkets.com |
Reuters
NEW DELHI: Shares of Max Healthcare Institute registered a 5.5% drop in early Mumbai trading on Wednesday as one of its promoters, Kayak Investments Holding, announced plans to pare it stake in the healthcare company by 6.57%, amounting to 63.47 million shares.
A term sheet issued by Kotak Capital detailed the stake sale plan by Kayak Investments. At 10:00 IST, shares of Max Healthcare Institute were down 5.52% at Rs 349.30 on the National Stock Exchange.
The total size of the transaction has been estimated at Rs 2,220 crore, with the floor price being fixed at Rs 350-369.70 per share. This represents a sizeable discount of as much as 5% from Tuesday’s closing price of Rs 371.20.
Exchange filings showed Kayak Investments Holding’s stake in Max Healthcare as of June 30 stood at 47.24%. Kayak Investments Holding is an affiliate of US-based private equity giant KKR.
A term sheet issued by Kotak Capital detailed the stake sale plan by Kayak Investments. At 10:00 IST, shares of Max Healthcare Institute were down 5.52% at Rs 349.30 on the National Stock Exchange.
The total size of the transaction has been estimated at Rs 2,220 crore, with the floor price being fixed at Rs 350-369.70 per share. This represents a sizeable discount of as much as 5% from Tuesday’s closing price of Rs 371.20.
Exchange filings showed Kayak Investments Holding’s stake in Max Healthcare as of June 30 stood at 47.24%. Kayak Investments Holding is an affiliate of US-based private equity giant KKR.
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