India: Carlyle Group exits Metropolis Healthcare

Vijender Singh, chief executive, Metropolis Healthcare

The Carlyle Group has sold down its entire remaining stake in Mumbai-based diagnostics company Metropolis Healthcare for Rs840m (US$11.2m).

Towards the end of April, the US investment firm sold a 13% stake, more or less its entire stake, in the group for Rs7.6bn.

It is understood that the shares, which were sold in a block trade on the stock exchange, were bought by institutional investors including ICICI Prudential, Aditya Birla Sun Life and Sundaram BNP Paribas.

Last week, the promoter and managing director of Mumbai-based diagnostics company Metropolis Healthcare sold a 6.03% stake in the company to bring down debt.

It has been a difficult year for the company. At the end of March, first-quarter profits slumped 55% to Rs154.9m and its shares are trading well off their March high of Rs1.992.