The bond issuance marks one of the largest acquisition financings in the Indian healthcare sector Khaitan & Co advised DBS Bank, Deutsche Bank AG, Deccan Funding Limited Liability Company, Sumitomo Mitsui Banking Corporation, MUFG Bank and BNP Paribas SA as investors on the issue of listed, rated, redeemable, non-convertible debentures aggregating to an amount of INR 5310 crores by Manipal Hospitals Private Limited (MHPL), a subsidiary of Manipal Health Enterprises Private Limited (MHEPL). The proceeds raised from the investors will be utilised by MHPL for the acquisition of shares of Sahyadri Hospitals Private Limited (SHPL). This acquisition follows a much-awaited clearance from the Competition Commission of India. Manipal Hospitals’ latest acquisition will add a network of 11 hospitals across Pune, Nashik, Ahilya Nagar, and Karad to the group’s portfolio, further strengthening its position as one of India’s largest hospital networks.
Khaitan & Co., in its capacity as Investors’ counsel, advised and facilitated the simultaneous negotiation of all Investors with MHPL, finalisation of the transaction documents, execution and listing of the debentures on the BSE. This marks one of the largest acquisition financings in the healthcare sector in India.
The core deal team consisted of Dr. Siddharth Srivastava (Partner), Rashneet Kaur (Principal Associate), Anwesha Dasgupta (Senior Associate) and Shikha Mohini (Associate), with assistance from:
Competition law: Pranjal Prateek (Partner)
Tax: Vinita Krishnan (Executive Director)
