Apax sells part of stake in Apollo Hospitals for $97m

Private equity firm Apax Partners LLP sold half its stake in Apollo Hospitals Enterprise Ltd , India's largest hospital chain, to Oppenheimer Funds Inc for about Rs 523 crore.

US-based Oppenheimer Funds bought 6.3 million shares, or 4.8 percent of the company, from Apax at Rs 830 per share, stock exchange data showed on Monday. Sources told Reuters in September that UK-based Apax was planning to exit Apollo Hospitals. Apollo has about 50 owned or managed hospitals with total capacity of more than 8,250 beds. In 2007, Apax paid about USD 100 million for an 11 percent stake in Apollo. It held a 9.6 percent stake before the deal announced on Monday. Apollo shares dipped 0.39 percent to close at Rs 836.80.