Star Health Stake Divested for Rs 2,210 Crore

New Delhi, May 23 (PTI) Three entities -- Apis Partners, Madison India Capital and ROC Capital -- on Thursday divested a 7.06 per cent stake in health insurer Star Health and Allied Insurance for Rs 2,210 crore through open market transactions.

London-based Apis Partners through its affiliate Apis Growth 6 Ltd sold over 1.52 crore shares or 2.61 per cent stake in Star Health and Allied Insurance, while ROC Capital via its arm ROC Star Investment Trust offloaded 59.08 lakh shares or 1.01 per cent stake of the health insurer.

In addition, Madison India Capital through its affiliates MIO IV Star disposed of a little over 1.40 crore shares of Star Health and MIO Star sold 61.34 lakh shares, representing a 2.39 per cent and 1.05 per cent stake, respectively, in Chennai-based health insurance company, as per the block deal data on the National Stock Exchange (NSE).

The shares were sold at an average price of Rs 535 apiece, taking the combined transaction value to Rs 2,210.53 crore.

After the stake sale, Apis Partners and ROC Capital have exited the firm by selling their entire -- 2.61 per cent and 1.01 per cent stake -- in Star Health.

However, Madison India Capital has sold a 2.39 per cent stake in the insurer. It has now a 1.16 per cent stake in the firm.

The shares were acquired by a clutch of domestic mutual funds (MFs), an insurance company and foreign investors.

HDFC Mutual Fund (MF), UTI MF, ICICI Prudential Life Insurance Company, BNP Paribas Arbitrage, Chanakya Wealth Creation Fund, Citigroup Global Markets Mauritius, and Clarious Capital 1 were among the buyers of the shares of Star Health.

East Bridge Capital Master Fund I, Emerge Capital Opportunities Scheme, Goldman Sachs, Morgan Stanley Asia Singapore, Plutus Wealth Management, and Societe Generale also picked up stakes in the company.

Shares of Star Health and Allied Insurance Company rose 1.31 per cent to close at Rs 547 apiece on the NSE.

In March this year, private equity firm Apis Partners sold shares of Star Health and Allied Insurance for Rs 553 crore.

In August last year, ROC Capital, Madison Capital and the University of Notre Dame sold shares of the insurer for Rs 1,312 crore.