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.
Let's hope Temasek had conducted the necessary due diligence before jumping in.....
Pinky and company sure took "India On Our Minds" to a whole new level ;)
Temasek is really a sucker for contrarian investments sia
We at Cloudnine Hospital are on cloud nine! Thank you Temasek! Lot of love, CECAland
SMLJ name is Cloudnine? Who the hell would feel happy visiting a hospital?????