Cyril Amarchand Mangaldas advises Manipal Hospitals on ₹5,310 crore acquisition financing

Cyril Amarchand Mangaldas has advised Manipal Hospitals Private Limited in connection with the issuance of listed, rated, non-convertible debentures (NCDs) on a private placement basis, aggregating to ₹5,310 crore.

The transaction team was led by Partners Pranav Sharma, Sangita John, and Hariharan Kumar, with support from Associates Daksh Mehta, Renuka Nevgi, and Aniket Nighojkar.

The NCDs were subscribed by DBS Bank, Deutsche Bank, Sumitomo Mitsui Banking Corporation (SMBC), MUFG Bank, and BNP Paribas. Proceeds from the issuance will be utilised by Manipal Hospitals for the acquisition of Sahyadri Hospitals Private Limited.

In July this year, Ontario Teachers’ Pension Plan Board has announced the sale of its majority stake in Sahyadri Hospitals Group to Manipal Health Enterprises for ₹6,400 crore. CAM  advised Manipal Hospitals on this stake acquisition deal.