IIFL Private Equity Fund Plans to Invest Up to Rs 600 Cr in Kauvery Hospital for Minority Stake
- ByStartupStory | January 9, 2023
According to sources, the IIFL Private Equity Fund plans to invest 500 crore to 600 crore in hospital chain Kauvery Hospital for a minority stake. As of June 30, the group had a combined put-in mattress capability of 1,284 units.
According to a report by credit rating agency Brickworks Rating, the company reported consolidated income of 846.97 crore in FY22, up from 597.22 crore in FY21.
“BWR also takes note of such ongoing capex, with the majority of them either completed or expected to be completed in the current fiscal, augmenting the corporate’s scale of operations and diversifying the income stream in the near to medium term,” the credit rating report stated.
The increase in the size of operations also resulted in an increase in profitability, gearing, and debt safety metrics. Furthermore, the company has been specializing in inorganic development and has recently acquired a few properties.
As per reports, in October different buyers, including Quadria Capital and ChrysCapital, were also competing to invest in Kauvery Hospital, which is run by Sri Kavery Medical Care Pvt. Ltd.
“IIFL is about to shut the take care of Kauvery for a minority stake. The deal will doubtless be introduced in a few days,” one of many two folks stated, requesting anonymity.
“It is probably going to be a mixture of a major and secondary share sale, with the present investor of the hospital chain Lightrock (beforehand often known as LGT Lightstone Aspada) promoting a part of its shares in the corporate. The major part of the funds raised will probably be used to broaden the enterprise,” the person added. In September 2019, the hospital chain raised ₹140 crore from Lightrock. He added that the deal will be worth more than 3,000 crore to the hospital chain.
Kauvery Hospital, founded in 1999, has locations in Tamil Nadu’s Tiruchirappalli, Chennai, Salem, and Hosur. It also has a facility in Bengaluru.
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