Apax makes $22.6m from Apollo Hospitals partial exit
Apax Partners has made another partial exit from India’s Apollo Hospitals, generating proceeds of of INR1.28 billion ($22.6 million) via the National Stock Exchange.
It sold 1.2 million shares, or 0.92% of the company, at INR995.34 apiece, through subsidiary HSTN Acquisition (FII). Apax has so far made over INR10.9 billion by selling down its holding in Apollo Hospitals, which it bought for INR4.26 billion in 2007.
Apollo Hospitals is one of India's largest healthcare chains, with over 8,500 beds across 50 hospitals. It has facilities across 15 cities in India, including New Delhi, Hyderabad, Bangalore and Chennai, as well as hospitals in Bangladesh and Mauritius.
Apax initially bought an 11.4% stake in the company and later increased its holding to 12.84% through open market deals. The PE firm still holds around 2.25% of the hospital group.
Apax started to sell its stake this February, offloading a 4.59% stake to Oppenheimer Funds for INR5.3 billion. Later the same month it sold another 5.4 million shares for INR4.4 billion.
Malaysian sovereign wealth fund Khazanah Nasional is also an investor in Apollo, owning around 10.8% of the company through IHH Healthcare.
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