Healthcare Global at 52-week high on buzz over PE funds jostling for controlling stake

The three private equity firms are eyeing the 60.41 percent controlling stake in the cancer hospital chain, currently held by CVC Capital.

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Shares of Healthcare Global surged over 4 percent to a 52-week high on February 19 morning after reports said private equity funds EQT (previously Baring PE Asia-EQT), TPG Capital and KKR were in race to acquire a controlling stake in the cancer hospital chain.

The three private equity firms are eyeing the controlling stake held by CVC Capital, a report in The Economic Times said. The investment firm holds a 60.41 percent stake in Healthcare Global through its associate Aceso Company Pte.

At 10.35 am, Healthcare Global was trading at Rs 395.35 on the NSE.

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CVC Capital acquired a 59 percent stake in Healthcare Global in 2020 at a valuation of Rs 1,100 crore. The firm was looking to exit the company by selling out its entire controlling stake after more than doubling its investment in the cancer hospital chain, the report said.

The hospital chain released its quarterly numbers last week which saw its net revenue jump nearly 11 percent on year to Rs 469.87 crore. The growth was driven by an improvement in average revenue per operating bed, which rose to Rs 42,788, reflecting a 15.6 percent increase.

Capacity expansion, however, dragged the company’s net profit down 24 percent on year to Rs 5.4 crore in Q3.

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