Mumbai, Aug. 17 -- Global private equity fund Permira may emerge as the frontrunner to acquire a stake worth $150-200 million in Bengaluru-based maternal and child healthcare chain Cloudnine Hospitals, two people familiar with the matter said.

"Permira seems to be edging ahead of other players such as TPG, which were in the last lap of discussions. They have moved faster with their due diligence and may likely close in on the deal," one person said.

"The deal will be secondary in nature, with only existing investor True North looking to sell its over decade-old stake in the company," the second person said, adding that the round has been downsized after the company did not proceed with an acquisition in West Asia.

Permira and TPG decli...