Integrated (Mauritius) Holdings Exits Apollo Hospitals With 4.78% Stake Sale 

Integrated (Mauritius) Healthcare Holdings Ltd., (IHH) sold its remaining stake in Apollo Hospital Enterprise Ltd. An arm of Malaysian sovereign fund Khazanah Nasional Bhd, it sold 68.4 lakh equity shares, i.e., 4.78 percent stake, at a price of Rs 1,246.10 per share, a discount of 2.7 percent to Wednesday’s closing price of Rs 1,281.60. The investment arm had appointed Deutsche Bank as the sole book runner for this stake sale, valued at Rs 838.5 crore.

IHH had bought stake in Apollo Hospitals in 2011, first purchasing 1.1 crore shares in May and then an additional 40.9 lakh shares in October, the same year. The average cost of acquiring these shares was Rs 480. Almost six years later, the firm has got back more than 2.5 times its investment in the hospital chain.

IHH had earlier sold 6.07 percent stake in Apollo Hospitals for Rs 1,070 crore on March 2, 2017. The proceeds would be used to meet working capital needs, the company had said in a statement issued on the same day, after the deal was announced.

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