Apax sells part of stake in Apollo Hospitals for $97 million

MUMBAI Mon Feb 11, 2013 10:09pm IST

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MUMBAI (Reuters) - Private equity firm Apax Partners LLP sold half its stake in Apollo Hospitals Enterprise Ltd (APLH.NS), India's largest hospital chain, to Oppenheimer Funds Inc for about 5.23 billion rupees.

U.S.-based Oppenheimer Funds bought 6.3 million shares, or 4.8 percent of the company, from Apax at 830 rupees per share, stock exchange data showed on Monday.

Sources told Reuters in September that UK-based Apax was planning to exit Apollo Hospitals.

Apollo has about 50 owned or managed hospitals with total capacity of more than 8,250 beds.

In 2007, Apax paid about $100 million for an 11 percent stake in Apollo. It held a 9.6 percent stake before the deal announced on Monday.

Apollo shares dipped 0.39 percent to close at 836.80 rupees.

(Reporting by Indulal P.M.; Editing by Tony Munroe and Helen Massy-Beresford)

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