Bangalore: As Manipal Universal, the educational enterprise of Manipal Group, one of the major medical service providers is looking to raise its fund for future plans, the private equity firms ICCI ventures and Actis are hoping to acquire a stake worth Rs.300 crore, reported The Economic Times.

The value of the stake shows Manipal Universal as the most valuable educational enterprise in the country. It is also believed that a host of funds including Providence had shown interest in the deal but the steep valuation may have prompted some to drop out. According to a Manipal source, a deal with a PE fund can be finalized within 60 days. Through this, Manipal Universal will be divesting between five percent and eight percent stake through private placement.

Source said that ICICI Ventures was a serious contender in the fray, while UK-based Actis chased the deal actively in the initial round. He also added that Manipal Universal is in constant conversation for different strategies including fund raising.

The proposed deal covers the education arm of the Manipal Group except Kasturba Medical College which is managed by a trust. About 60 percent of Manipal Group�s revenue is coming from the education sector. They are now looking to extend the fund through equity and debt to fuel expansion plans, and also have a plan to enter foreign destination where Indians are living largely. Priority will also be given to the vocational education and corporate training.