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Shares of Max Healthcare Institute fell as much as 5.8 percent on Thursday after private equity giant KKR’s affiliate Kayak Investment likely sold around a 10 percent stake in the company through multiple block deals on the National Stock Exchange (NSE) on March 31.

At 11 am, shares of Max Healthcare were trading 3.21 percent lower, or down 11.60 points, at 349.40 on the BSE.

On the NSE, more than 100 million shares of Max Healthcare - worth Rs 3,501 crore, representing 10.6 percent of the company's equity - changed hands through multiple block deals after equity markets opened today.

According to media reports, Kayak Investment was likely to sell 969 million shares at Rs 340-361 per share through the block deals.

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Kayak Investment will sell $500 million worth of shares, with a base size of $375 million or Rs 2,800 crore, media reports stated. The price band was stated as Rs 340- Rs 361 for the block deal, with up to a six percent discount.

As of June last year, Kayak Investments held 45.63 crore shares or 47.24 percent stake in Max Healthcare. On September 29, the company sold 8.44 crore shares for Rs 2,956 crore through open market transactions. The shares were picked up by HDFC Mutual Fund, Veritas Funds Plc and SBI Mutual Fund, among others.

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First Published:Mar 31, 2022 11:28 AM IST