Manipal Health Enterprises Pvt Ltd, Max Healthcare Institute Limited (BSE:543220), Sheares Healthcare Management, and Blackstone Inc. (NYSE:BX) and CVC Capital Partners Limited are among half a dozen potential buyers in initial talks to acquire about 65-70% in KIMS Healthcare Management Ltd., valuing Kerala's leading hospital chain at about INR 35,000 million to INR 37,000 million ($450 million), multiple people aware of the talks told ET. The due diligence process is currently on after first-round bids, and binding bids for the chain are expected by next month, sources told ET. At present, domestic private equity investor True North holds 61.06% stake in KIMS Health, with the remaining 38.94% held by the promoters.

True North will exit its investment, while the promoter family will likely dilute an additional 5-10% equity, said sources. However, any decision by the promoter family on further stake dilution will depend on the final valuation. ICICI Securities is advising True North Managers LLP for the exit.