IHH pares down Apollo Hospitals stake

The Malaysian hospital chain operator seen open to other opportunities in the Indian healthcare sector after it trims stake in local partner for $160 million.

IHH Healthcare sold over half its holding in Apollo Hospitals Enterprise for Rs10.7 billion $160 million on Thursday, paving the way for it to enter into fresh partnerships with other Indian healthcare providers.

IHH, which is majority-owned by Malaysian state investment fund Khazanah Nasional, sold 8.4 million shares in Mumbai-listed Apollo Hospitals at Rs1,267 per share  the lowest end of the marketing range, implying a 4.1% discount to the stock’s Rs1,320.55 closing price on Thursday.

The shares were sold through an accelerated bookbuild after the close late on Thursday.

Bankers said the deal attracted very good demand, particularly from US...

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