KKR, the US private equity major, on Tuesday sold its entire 27 per cent stake in Max Healthcare through the stock exchanges.

Data available from the BSE showed that KKR, which held the stake via Kayak Investments Holding Pte Ltd, sold over 13 crore shares in two transactions at Rs 353 per share for almost Rs 9,200 crore.

These shares were picked up by the government of Singapore, Monetary Authority of Singapore, BNP Paribas Arbitrage, Smaller Cap World Fund Inc, WF Asian Smaller Companies Fund Ltd and New World Fund Inc.

While such sales usually lead to the stock coming under pressure, shares of the hospital chain finished with strong gains. On the BSE, the Max Healthcare scrip rose 10 per cent to settle at Rs 396.70.

During the intra-day session, the counter touched a high of Rs 404.6 and a low of Rs 353. KKR has been divesting its stake in Max Healthcare for the last one year. Its stake in the company dropped to 27.54 per cent stake at the end of June 2022 from 47.24 per cent stake at the end of June 2021.

In 2018, KKR-backed hospital management firm Radiant Life Care announced a multi-layered deal to acquire a majority stake in Max Healthcare Institute. Observers added that KKR’s sale may also have an impact on the rupee if it is not re-invested.

The forex markets were closed on Tuesday on account of Parsi New Year. The rupee has been having a roller-coaster ride recently. Last Friday it had closed flat at Rs 79.65 with experts saying that demand for dollars from oil marketing companies and supply from FPIs kept the currency in a tight range.