Private Equity

PE Fund Investments

General Atlantic-Kedaara may pick up 49% in ASG Eye Hospitals for $150-M

Economic Times  

A consortium of private equity funds General Atlantic and Kedaara Capital is likely to acquire about 49% stake in eye care hospital chain ASG Eye Hospitals for INR 1,180 crore (USD 150 million), valuing the company at about INR 2,400 crore. The round will see the exit of an existing investor, Investcorp, which will sell its 15% stake, while around INR 800 crore will be invested as primary capital. The new money will help ASG acquire Vasan Eye Care's network and revive the chain of eye care hospitals. At present, promoters of Jaipur-based ASG hold an about 48% stake, while the rest is held by Investcorp, Foundation Holdings and Symphony International Holding. ICICI Securities is advising ASG for the stake dilution.