Private equity firm Henderson Equity Partners has sold nearly a 3% stake in HT Media, the publisher of the Hindustan Times and Mint newspaper, for Rs 118.5 crore. The PE firm made a partial exit last month at a share price of around Rs 169.3, a premium to the current trading price of Rs 145.25.
The PE firm still holds a little over 6.08%, shedding around a third of its stake in the deal. This deal comes as the PE firm has also started exiting its stake in other listed investments like Jubilant Life Sciences (earlier Jubilant Organosys) and Hindustan Sanitaryware & Industries Limited (HSIL). Henderson's remaining stake is valued at around Rs 216 crore as per HT Media's closing price on Monday.
In another market development, International Finance Corporation (IFC), the private equity arm of World Bank, has converted its foreign currency convertible bonds (FCCB) worth $7.5 million or Rs 33.6 crore. With this, IFC will now get 1.14 million shares of India's largest private healthcare provider Apollo Hospitals and the move will double its stake from current 1.04% to nearly 2%.
Apollo Hospitals, which is backed by investors like private equity major Apax Partners and Malaysian sovereign wealth fund Khazanah, will allot the shares at Rs 302. This is against the current trading price of Rs 504, which would mean a profit of a little more than 66% for the development finance institution. IFC is also an investor in Max Healthcare.