GIC, Capital Group buy KKR's entire stake in Max Health; stock surges 10%

Abhay Soi will remain the chairman and MD and plans to raise his stake by 1 per cent

Singapore state fund GIC, US-based financial services firm Capital Group, and a few other institutions on Tuesday picked up KKR’s 26.8 per cent stake in hospital chain Max Healthcare Institute via block deals. Max Healthcare promoters, led by Abhay Soi, will now own 24 per cent in the company.

Shares of Max Healthcare shot up 10 per cent to close at Rs 397 apiece on the BSE as the US private equity (PE) giant sold its stake worth Rs 9,200 crore as part of its exit strategy. KKR sold its stake at the rate of Rs 353 a share, the BSE