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Wockhardt stalls PE fund-raising plans

Differences over valuation have held up Wockhardt Hospital’s plan to raise money from private equity (PE) investors. After talks with several PE players, discussions between Wockhardt Hospital and General Atlantic had reached advance level in August for the latter to pick up around 20% in the Indian hospital chain. But the two companies could not agree on the valuation of the healthcare firm. “There are differences, though talks with General Atlantic has not completely fallen through,” a person with the knowledge of developments told ET. Earlier this year, Wockhardt Hospital had withdrawn its IPO to raise around Rs 700 crore by diluting 24% stake due to adverse market conditions. Wockhardt Hospital plans to invest around Rs 1,000 crore to increase its bed strength to 4,000 from the current 1,500 in the next three years. […]