The Committee of Independent Directors (IDC) of HealthCare Global Enterprises Limited (HCG) has recommended that public shareholders evaluate the open offer made by Hector Asia Holdings II Pte. Ltd., backed by KKR Asia IV Fund and others.
This isn’t just another offer. It’s a ₹1870.87 crore cash offer to acquire up to 3.70 crore equity shares at ₹504.41 per share. That’s 26% of HCG’s expanded voting share capital—a major stake.
What’s the Offer?
Let’s break it down:
- Offer Price: ₹504.41 per share
- Total Value: ₹1870.87 crore
- Shares Offered: 3,70,90,327
- Stake Size: 26% of voting share capital
The open offer is being made under Regulations 3(1), 4 of the SEBI (SAST) Regulations, 2011.
Why It Matters
The HCG Independent Directors carefully reviewed the offer. They considered market trends and regulatory norms. Here’s what convinced them:
- HCG shares are frequently traded.
- The offer price of ₹504.41 matches the 60-day average market price on NSE before the offer was announced.
- The highest negotiated price before this was ₹445—so this offer is higher and fairer.
Who’s Behind the Offer?
The offer is being made by:
- Hector Asia Holdings II Pte. Ltd.
- Hector Asia Holdings I Pte. Ltd.
- KKR Asia IV Fund Investments Pte. Ltd.
- KIA EBT II Scheme 1
Together, they are referred to as the Acquirer and PACs (Persons Acting in Concert).
The documents for this open offer—public announcement, detailed statement, and final letter—have been issued by Kotak Mahindra Capital Company Ltd, the manager of the offer.
What Did the IDC Say?
The HCG Independent Directors include:
- Mr. Pradip M Kanakia (Chairperson)
- Ms. Geeta Mathur
- Mr. Rajagopalan Raghavan
- Mr. Rajiv Maliwal
All members attended the meeting. They don’t hold shares in HCG and have no personal links to the Acquirers. Their advice? The offer is fair, in line with SEBI rules, and worth considering.
Final Word for Shareholders
Public shareholders are advised to take a good look at the numbers, check the documents, and make their own informed decision.
Because in the stock market, being informed is the best power move.
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