BENGALURU (Reuters) – Singaporean sovereign fund Temasek Holdings is in advanced talks to buy a minority stake in Cloudnine Hospitals, valuing the Indian hospital chain at 30 billion rupees ($362.7 million), the Economic Times reported on Thursday.
Temasek is likely to invest around 5 billion rupees for a 15%-20% stake in the maternity, gynaecology, and pediatric hospital chain through its Sheares Healthcare unit, ET said, citing two people aware of the development
Apart from Temasek, existing investor NewQuest Capital will increase its stake in the Bengaluru-based company with an investment of about 2 billion rupees, the report said.
Temasek, Cloudnine and NewQuest did not immediately respond to Reuters’ requests for comments.
Cloudnine had reportedly planned an initial public offering in February last year to raise 12 billion rupees, but postponed that plan due to market volatility.
($1 = 82.7080 Indian rupees)
(Reporting by Varun Vyas; Editing by Varun H K)
