CVC Capital, an US based private equity fund, which had earlier declared the acquisition of cancer care chain Healthcare Global Enterprises last month, has made an altered offer of Rs 130/share for buying out the promoter stake and an open offer.
On May 7, CVC Capital had declared its plan to acquire about 36.48% stake in Healthcare Global Enterprises through a favoured allocation of shares at a price of Rs.100/ share. However, the new offer is revised of 33% to the six months average share price which is Rs 97.57. Also, on Thursday, HCG shares are swapped at Rs 117.05, up by 2.77%.
According to the sources, CVC Capital has expanded the offer price with a prediction to counter offer from other shareholder Temasek Holdings Ltd. The existing shareholder Temasek Holdings holds a 9.4% stake in HCG.
Also, in accordance with the agreement, the investors will subscribe to 29.5 million equity shares and 18.5 million warrants which are convertible to equal number of equity shares of the company, at Rs 130 per equity share totalling to Rs 625 crore.
Previously, HCG successfully raised Rs 650 crore through a commencing public offering of shares in March 2016. In 2013, it managed to raise about Rs 140 crore from Temasek.
CVC, which currently controls over $83 billion of assets across the world, had made its first ever deal in Indian market in the year 2018 by obtaining enterprise legal services firm UnitedLex BPO.