Kayak Investments sells 10% stake in Max Healthcare

Of the total shares offloaded, 16.40 million shares were acquired by Smaller Cap World Fund. While the Government of Singapore bought another 10.78 million shares, WF Asian Smaller Companies Fund purchased 13.39 million shares.

Kayak Investments, the prominent holder and one of the promoting entities of Max Healthcare Institute, offloaded a 10% stake in the company at an average price of Rs 340.02 per piece on Thursday. The promoter entity, which had pledged 68.9% of its holdings as of December, sold 96.96 million shares through block deals on NSE. The deal was valued at Rs 3,297 crore.

Of the total shares offloaded, 16.40 million shares were acquired by Smaller Cap World Fund. While the Government of Singapore bought another 10.78 million shares, WF Asian Smaller Companies Fund purchased 13.39 million shares. Norges Bank on account of the government pension fund global and SBI MF together bought some 11.29 million shares, bulk deal data on NSE showed.

With Thursday’s sale, Kayak Investments’ holdings in Max Healthcare Institute would come down to 27.54% from 37.54%, which it had at the end of December 2021. Kayak Investments, which is an affiliate of global private equity fund KKR, had also divested part of its holdings last year, to comply with the minimum public shareholding threshold, set by the market regulator Sebi.

The shares of Max Healthcare closed 3.7% lower on Thursday at Rs 347.65 on the NSE.