In a major strategic move, Hector Asia Holdings II Pte. Ltd., backed by global investment firm KKR, has initiated an open offer to acquire up to 26% of Healthcare Global Enterprises Ltd (HCG) at an offer price of ₹504.41 per share. The offer follows a definitive agreement to acquire a controlling stake from existing promoter Aceso Company Pte. Ltd., marking a significant shift in ownership and governance at one of India’s leading oncology care providers.
Offer Details
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Offer Price: ₹504.41 per equity share
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Stake Targeted: Up to 3,70,90,327 shares, representing 26% of expanded voting share capital
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Acquirer: Hector Asia Holdings II Pte. Ltd., along with PACs including Hector Asia Holdings I, KKR Asia IV Fund Investments, and KIA EBT II Scheme 1
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Mode of Payment: Cash
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Letter of Offer Received: Confirmed by HCG on July 11, 2025
Transaction Background
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KKR will acquire up to 54% stake from CVC Capital (Aceso Pte.) at ₹445/share via a Share Purchase Agreement (SPA)2
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The open offer is triggered under SEBI’s Substantial Acquisition of Shares and Takeovers (SAST) Regulations
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Upon completion, KKR’s total stake could rise to 77%, giving it sole control over HCG’s operations
Strategic Implications
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Founder Dr. BS Ajaikumar will transition to Non-Executive Chairman, focusing on clinical and academic excellence
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KKR aims to drive growth through M&A, bed expansion, and digital transformation
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The deal is subject to approvals from CCI India, Kenya’s Competition Authority, and other regulatory bodies
Market Reaction
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HCG shares traded at ₹549.90 on July 9, 2025, above the offer price, reflecting investor optimism
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ICICI Securities has maintained a “Hold” rating with a target of ₹525
Sources: SEBI, Tickertape, Moneycontrol, Axis Direct