The hustle to buy a stake in TPG Inc’s approx 21% stake in Manipal Health Enterprises has come to a windup after Temasek Holdings-owned Sheares Healthcare India’s submission of a top bid, as per the media.

For TPG, which initially acquired a 24.75% stake for Rs 900 crore in Manipal Health in 2015, this deal will design multi-fold returns, the report says.

National Infrastructure Investment Fund (NIIF) owns 8% of Manipal Hospitals, Temasek 18% and the remaining 52.5% is held by the Pai family.

In 2017, Temasek entered Manipal Health when it purchased private equity firms named True North and Faering Capital, estimating the hospital chain at an enterprise amount of $1.14 billion. Post Four years, NIIF grabbed a stake for $286 million.

Buyout giants, including KKR & Co, Baring Private Equity Asia, and Singaporean sovereign fund Temasek Holdings, an ongoing investor, were in discussion for a 21.5% stake in Manipal Hospitals, as per a media report. The Pai family was seeking $400-500 million, planning to buy back the shares already held by TPG.