Premji Invest, SBI MF Sell MedPlus Stake for Rs 552 Crore

New Delhi, Nov 18 (PTI) Premji Invest and SBI Mutual Fund on Monday divested 6.6 per cent stake in MedPlus Health Services for Rs 552 crore through open market transactions.

MedPlus Health Services is a retail pharmacy and diagnostics chain in India.

Billionaire Azim Premji's PE firm Premji Invest, through its arm PI Opportunities Fund - I, sold 68.93 lakh shares or 5.77 per cent stake in MedPlus Health Services and exited the firm, according to the block deal data on the National Stock Exchange (NSE).

Additionally, SBI Mutual Fund offloaded 10 lakh shares, representing a 0.84 per cent stake in the company.

The shares were sold at an average price of Rs 700 apiece, taking the transaction value to Rs 552.55 crore.

After the stake sale, SBI Mutual Fund's holding in the pharmacy chain has come down to 4.04 per cent from 4.88 per cent.

Meanwhile, Morgan Stanley Asia Singapore, Franklin Templeton Mutual Fund (MF), Invesco MF and Kotak Mahindra MF acquired shares of MedPlus Health at the same price.

Shares of MedPlus Health Services rose 2.10 per cent to close at Rs 719.05 apiece on the NSE.

In August, private equity (PE) major Warburg Pincus exited MedPlus Health Services by selling its entire 11.35 per cent stake in the pharmacy chain for Rs 836 crore.