Liquidity Events
Reliance joins hands with Capri Global to acquire Mumbai’s SevenHills Hospital
Reliance Industries, in partnership with Capri Global Holdings, will acquire Mumbai-based SevenHills Hospital following the approval of a corporate insolvency resolution plan by the National Company Law Tribunal (NCLT).SevenHills Hospital is a 1,500-bed facility located in suburban Mumbai. Under the approved scheme, secured creditors will receive INR 449 crore, representing 40% of their claims. The Municipal Corporation of Greater Mumbai (MCGM) will be paid a settlement amount of INR 223.4 crore, and employees and other operational creditors will receive INR 6 crore. Funds will be infused through equity, quasi-equity, or shareholder debt, potentially via a special purpose vehicle, with both partners expected to hold equal stakes.Capri Global and Reliance Group will subscribe to 10 million new shares for INR 10 crore to secure full ownership, after which all existing shares will be cancelled for zero consideration. SevenHills Healthcare will be converted into a not-for-profit company, with Reliance Foundation Hospital Trust replacing earlier guarantors.
Between May-08 and Dec-13, SevenHills Hospital had raised over USD 116 M from JP Morgan.
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