Temasek divests 1.1% stake in Medanta for Rs 395 crore: Report

Singapore state investment firm Temasek sold 1.1 percent stake in Indian hospital chain Medanta for Rs 395 crore (S$64 million), The Business Times reported, citing sources close to the Singapore investment company.

Moneycontrol has not independently verified the news.

Temasek retains a stake of about 17 percent in Medanta, the Singaporean financial newspaper reported. The partial exit will generate a realised internal rate of return of about 26 percent over nine years, putting the multiple on the invested capital at eight times, according to the report.

Temasek invested about Rs 700 crore in January 2015 to acquire almost 18 percent stake in the New Delhi-based hospital chain via Dunearn Investments. Temasek subsequently raised its stake in Medanta via its subsidiary Sheares Healthcare Group. However, its overall holding has been diluted over the years to remain at about 18 percent.

Medanta-operator Global Health Ltd. on February 8 reported a 53 percent year-on-year rise in net profit to Rs 123.54 crore for the October-December period. Revenue for the quarter came in at Rs 854.3 crore, reflecting a 20.9 percent rise.

Temasek Holdings Ltd., commonly known as Temasek, is an international investment firm that is wholly owned by the government of Singapore.

At 1120 hours on Friday, Medanta's scrip on BSE was trading nearly 4% higher at Rs 1,446.