TPG, Temasek sell 13% stake in Dr Agarwals Health Care for Rs 2,008 crore

Global private equity investors TPG and Temasek on Wednesday collectively sold nearly a 13 per cent stake in eye care chain Dr Agarwals Health Care for Rs 2,008 crore through open market transactions, triggering a nearly 6 per cent fall in the company's shares.

TPG, through its affiliate Hyperion Investments Pte Ltd, and Singapore's Temasek, through Claymore Investments (Mauritius) Pte Ltd, together offloaded over 4 crore equity shares of the Chennai-based company, representing a 12.64 per cent stake, according to bulk deal data on the NSE.

The shares were sold in the price range of Rs 501.03–501.54 apiece, taking the combined deal size to Rs 2,007.94 crore.


Following the transaction, Hyperion Investments' holding in the company dropped to 15.47 per cent from 23.09 per cent, while Claymore Investments' stake fell to 5.17 per cent from 10.19 per cent. Despite the sale, TPG and Temasek, through their affiliates, remain the largest public shareholders in Dr Agarwals Health Care.

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On the buying side, ICICI Prudential Mutual Fund, Invesco Mutual Fund, Polar Capital and Allianz Global Investors together picked up over 1.51 crore shares, amounting to nearly a 5 per cent stake, at prices between Rs 501 and Rs 504, taking the aggregate transaction value to Rs 761.60 crore. Details of the buyers of the remaining shares could not be ascertained on the exchange.

Shares of Dr Agarwals Health Care declined nearly 6 per cent to close at Rs 511 apiece on the NSE.

The stake sale came weeks after the company posted a strong set of numbers for the June quarter. Consolidated profit after tax rose 44.6 per cent year-on-year to Rs 55.02 crore in Q1FY27, while revenue grew 26 per cent to Rs 614.02 crore. The company expanded its network to 304 facilities across 10 countries during the quarter, its largest-ever quarterly expansion of surgical centres.

Standalone profit after tax rose to Rs 16.67 crore from Rs 10.11 crore in the year-ago period, reflecting improved operating leverage and growth in high-margin specialised procedures.

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TPG and Temasek have backed Dr Agarwals Health Care since 2022, when they jointly invested over Rs 1,050 crore in what was then the largest fundraise in India's eyecare sector. The company listed on the exchanges in February 2025 through an IPO priced at Rs 402 a share, raising Rs 3,027 crore. At Wednesday's exit price, the stake sale values the stock at roughly 25 per cent above its issue price. The company currently holds close to a 25 per cent share of India's organised eye care services market, according to industry estimates.

With inputs from PTI