Temasek, the sovereign wealth fund of Singapore has invested Rs140 crore for shareholdings in HealthCare Global Enterprises or HCG. The investment in the Bangalore based company has both a primary and secondary component.
The investment allowed Evolvence India Life Sciences Fund or EILSF to exit from the company with returns more than twice its original investment according to confidential sources. The source, who spoke on condition of anonymity, said that a tad over half of the purchase price would be accepted through a new equity issue while the remainder would be paid out to EILSF.
HealthCare Global Chairman BS Ajaikumar said that the fresh capital infusion would help the company in its expansion plans in the next two to three years. He added, "Through this primary we have raised, we are looking at developing 19 to 20 centers in the next two to three years. The development of these centers would be partly as Greenfield projects and partly as local partnerships with strong oncology players."
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