Singapore's Temasek Holdings (Private) Limited may bid for CVC Capital Partners plc (ENXTAM:CVC)'s controlling stake in listed hospital chain HealthCare Global Enterprises Limited (NSEI:HCG), two people aware of the development said. Other potential investors already in the race for CVC's 60.4% stake include TPG Capital, L.P., Bain Capital, LP and VPS Healthcare (now Burjeel Holdings). "Temasek will either bid alone or partner one of the other private equity funds," one of the two people said, adding that potential suitors have submitted initial bids and are conducting due diligence now.

Shares of HCG closed at INR 358.80 a share on the NSE on May 2, 2024, down 1.98%. Its total market capitalization stood at INR 49,977.1 million. CVC Capital Partners, which purchased around 59% in Healthcare Global for INR 11,000 million in 2020, raised its shareholding to over 60.4% later.

At the current share price and market cap, the stake is worth over INR 30,040 million. When contacted, Dr. B.S. Ajai Kumar, founder of Healthcare Global, said he does not plan to sell his close to 11% stake or increase his stake. Kumar declined to comment on the deal, directing all queries to CVC Capital Partners.

"I am not selling my stake. As far as I am concerned, I am the founder, a doctor, interested in oncology and I plan to continue at HCG," Kumar, 71, said. Kumar's daughter Anjali Ajaikumar Rossi is executive director - strategy at HCG.

Kumar also clarified that he is also not planning to increase his stake at the firm, dismissing rumours that he could partner with another private equity firm to help increase his stake. "No such consideration as of now," he said. Queries emailed to the spokespersons of TPG and VPS remained unanswered.

Temasek and Bain Capital declined to comment.