Medi Assist Healthcare’s 13.5% equity change hands

3 Sep 2024 , 11:04 AM

On Tuesday, September 3, 95 lakh shares or 13.5% equity of Medi Assist Healthcare Services were sold in a block auction for ₹612 per share, totalling ₹580.5 Crore.

According to sources, Bessemer India has entered into a block deal with Medi Assist Healthcare Services.

According to sources, the sale is worth ₹540.94 Crore. Shares will be offered at a floor price of ₹570 per share, representing a 7.7% discount from Monday’s closing price.

According to sources, the seller in this transaction, promoter Bessemer India, has its remaining Medi Assist assets locked up until July 18, 2025. They further stated that IIFL Capital Services was the sole book-running lead manager.

According to BSE statistics, Bessemer India Capital Holdings held a 29.22% interest in the company at the end of the June quarter.

Last week, Medi Assist Healthcare Services announced that its subsidiary, Medi Assist Insurance TPA Private Ltd, will acquire a 100% ownership position in Paramount Health Services & Insurance TPA Private Ltd (Paramount TPA) for ₹311.8 Crore.

Fairfax Asia owns Paramount Health Services & Insurance TPA, as does Dr. Nayan Shah and his family. This is one of the largest TPA deals in India, with equity value estimated to reach ₹400 Crore.

The transaction was finalised on August 26, 2024, through a share purchase agreement, subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI) and fulfilment of routine closing procedures.

At around 10.11 AM, Medi Assist was trading 2.81% higher at ₹635.20, against the previous close of ₹617.85 on NSE. The counter touched an intraday high and low of ₹647.80, and ₹625, respectively.

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