Apax's holding in Apollo is currently valued at about $190 million as per Thursday's closing price.
Apax has yet to start a formal process, but has had early talks with other investors, including the Blackstone Group and Bain Capital, the sources said.
Apax and Khazanah officials were not immediately available to comment. Blackstone and Bain declined to comment. Sangita Reddy, executive director of operations at Apollo Hospitals told Reuters that Apax had indicated it was planning a potential stake sale, but not yet started any process.
"They (Apax) had indicated about it (sale plans) but they have not initiated the process. They are happy with the company's performance," she told Reuters by phone.