New Delhi: Debt-ridden Wockhardt Group expects to seal a deal to sell a minority stake in its healthcare chain, Wockhardt Hospitals, by May-end.
“The deal to sale minority stake, be it (with) a private equity player or a hospital major, will be sealed in the next four to six weeks time,” a senior company official told PTI.
“Hopefully, by the end of May the company would sign a deal for the minority stake sale,” he added.
The official, however, declined to comment on details regarding valuation and the quantum of stake that the promoters were planning to dilute.
Wockhardt Hospitals has been linked with Fortis Healthcare for a possible acquisition but both parties have been tight-lipped on the issue.
Last November, Wockhardt Chairman Habil Khorakiwala had said the company was planning to sell stake in its hospital chain to raise around Rs1,000 crore for future expansions.
The move followed the group’s aborted IPO that aimed to raise about Rs700-800 crore from the capital markets through a 24% divestment to the public.
The Wockhardt Group, which had a total debt of around Rs3,700 crore, had filed for corporate debt restructuring with banks last month.
“We have filed our proposal for corporate debt restructuring with our bankers on 31 March. Normally it will take about three to four months and passage of that (CDR) should take care of most of problems related to liquidity crisis and other things,” the official said.