Fortis Healthcare Ltd, which owns 57% stake in SRL Diagnostics, is in the process of hiring Kotak Mahindra Bank to manage the stake sales transaction as an investment banker, one of the two people said on the request of anonymity.  One of the important parts of the deal was to provide exits to Private Equity investors.
“As is normally the process, activities pertaining to the IM (information memorandum) approaching potentially interested parties, etc. will play out over the next few months,” the first person said. IFC (7.5%), New York Jacob Ballas Fund (16%), Private equity investors Resurgence Fund (7.5%) and other shareholders (12%) own around 43% in SRL Diagnostics.
While IHH Healthcare Bhd., the new possessor of the Fortis, had earlier planned to purchase out the private equity firms, the Malaysian company had decided against it because of the legal dispute between Japanese drug maker Daiichi Sankyo Co. Ltd and the Singh brothers, the founders of the Fortis, said the people cited earlier.
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