Manipal Hospitals Raises ₹5,310 Crore for Sahyadri Acquisition
Manipal Hospitals has successfully issued non-convertible debentures (NCDs) worth ₹5,310 crore, with major financial institutions subscribing to the issue. The funds raised will be used to finance the acquisition of Sahyadri Hospitals Private Limited, a deal advised by Cyril Amarchand Mangaldas.
Cyril Amarchand Mangaldas, a prominent Indian law firm, advised Manipal Hospitals Private Limited on the issuance of listed, rated NCDs. The advisory team was led by partners Pranav Sharma, Sangita John, and Hariharan Kumar, with support from associates Daksh Mehta, Renuka Nevgi, and Aniket Nighojkar. The NCDs were subscribed by notable institutions such as DBS Bank, Deutsche Bank, Sumitomo Mitsui Banking Corporation, MUFG Bank, and BNP Paribas.
The proceeds from this issuance will be used by Manipal Hospitals to finance the acquisition of Sahyadri Hospitals Private Limited. This acquisition, valued at ₹6,400 crore, was also advised by Cyril Amarchand Mangaldas. The seller in this transaction was the Ontario Teachers' Pension Plan Board.
The successful NCD issuance and subsequent acquisition of Sahyadri Hospitals by Manipal Hospitals, both facilitated by Cyril Amarchand Mangaldas, reflect the growing consolidation in the Indian healthcare sector.
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