US private equity giant KKR sold its entire 27% stake in hospital chain Max Healthcare on August 16, raising Rs 9,290 crore in a deal.

The sale of shares through block transactions is made in three tranches. More than 26 crore shares have changed hands; Media reported that PE player KKR had divested its entire stake in the hospital chain.

Shares in Max Healthcare Institute Ltd opened sharply lower on Tuesday. The stock was down 1.3% at Rs 357 on the BSE at 9.20 am. It has fallen more than 18% so far this year.

In 2018, KKR and Mumbai-based Radiant bought shares in Max Healthcare for Rs 80 per share.

Kayak Investments, a KKR-affiliated entity that invested in the healthcare company, held 456.3 million shares or 47.24% of Max Healthcare as of June last year. On September 29, 2021, the company sold 8.44 crore shares for Rs 2,956 crore through open market trading. The shares were acquired by companies such as HDFC Mutual Fund, Veritas Funds Plc and SBI Mutual Fund.

An affiliate of KKR sold another 10% stake in the company in March 2022 for nearly Rs 3,300 crore. Buyers include SBI Mutual Fund, Pension Fund Global and Smaller Cap World Fund.