DSP Mutual Fund acquired more than 4.96 crore shares in four tranches or 2.72 per cent stake in Niva Bupa Health Insurance, and SBI Mutual Fund picked up 1.51 crore shares or 0.83 per cent stake in the health insurer
Mumbai: Private equity firm True North and Niva Bupa Health Insurance chief Krishnan Ramachandran divested a combined 10 per cent stake in the health insurer for Rs 1,507 crore through open market transactions.
Mumbai-based True North, through its special purpose vehicle Fettle Tone LLP, sold a total of 17.29 crore shares or 9.46 per cent stake in two tranches in Niva Bupa Health Insurance, as per the bulk deal data on BSE.
In addition, Niva Bupa Health Insurance MD and CEO Ramachandran offloaded 1 crore shares, representing a 0.55 per cent stake in Gurugram-based Niva Bupa Health Insurance.
The shares were sold in the price range of Rs 82.11-82.76 apiece, taking the combined transaction value to Rs 1,507.50 crore.
After the transaction, Fettle Tone’s shareholding in Niva Bupa dipped to 8.01 per cent from 17.47 per cent.
Meanwhile, DSP Mutual Fund acquired more than 4.96 crore shares in four tranches or 2.72 per cent stake in Niva Bupa Health Insurance, and SBI Mutual Fund picked up 1.51 crore shares or 0.83 per cent stake in the health insurer.
The shares were purchased at an average price of Rs 82 per piece, taking the aggregate deal value to Rs 531.49 crore.
Details of the other buyers of Niva Bupa Health Insurance’s shares could not be ascertained on the BSE.
Also, M Pallonji and Co Pvt Ltd bought more than 1.35 crore shares, amounting to a 0.74 per cent stake in Niva Bupa Health for Rs 113.83 crore, as per the bulk deal data on the National Stock Exchange (NSE).
The shares were acquired at an average price of Rs 83.95 apiece.
Details of the sellers of Niva Bupa Health’s shares could not be identified on the NSE.
Shares of Niva Bupa Health Insurance Company plunged 9.98 per cent to close at Rs 83.07 per piece on BSE, and it declined 9.90 per cent to Rs 83.15 apiece on NSE.