Azim Premji-Linked Fund Exits Medplus Health Services For Rs 482 Crore; Kotak MF, Invesco Among Buyers
An affiliate of billionaire Azim Premji-backed Premji Invest Ltd. divested its entire stake in Medplus Health Services Ltd. for Rs 482 crore through block deal on Monday.
The selling entity, Pi Opportunities Fund - I, offloaded a total of 68.93 lakh shares, that represents 5.76% equity of Medplus Health Services, at Rs 700 apiece.
The fund is owned and controlled by Premji Invest, the private equity and venture capital investment arm of the Premji Foundation. The Premji Foundation was set up to advance the philanthropic initiatives of Premji Invest and is ultimately controlled by the Wipro Ltd founder.
According to the block deal data available on the National Stock Exchange, SBI Mutual Fund also sold 10 lakh shares or 0.83% stake in Medplus Health Services for Rs 70 crore.
On the other hand, Kotak Mahindra Mutual Fund purchased 30.71 lakh shares (2.56%) at Rs 700 per share, as did Invesco Mutual Fund, which also acquired 30.71 lakh shares (2.56%) at the same price.
Additionally, Franklin Templeton Mutual Fund bought 16.07 lakh shares (1.34%), while Morgan Stanley Asia Singapore acquired 1.42 lakh shares (0.11%) at the same price.
In August, Lavender Rose Investment exited Medplus Health Services after offloading 1.35 shares, representing an 11.35% stake in the Hyderabad-based pharmacy retailer for Rs 836 crore.
ICICI Prudential India Opportunities Fund had acquired 18.12 lakh shares for an aggregate amount of Rs 111.6 crore, ICICI Prudential Pharma Healthcare & Diagnostics bought a 1.43% stake at Rs 616 per share, and the Government of Singapore bought 11.54 lakh shares at Rs 616.2 apiece.
Medplus Health Services provides a diverse range of products, including pharmaceuticals, wellness items, medicines, vitamins, medical devices, test kits, and FMCG products such as home and personal care essentials, toiletries, baby care products, soaps, detergents, and sanitisers.
Shares of Medplus Health Services closed 2.1% higher at Rs 719 per share on the NSE, compared to a 0.34% decline in the benchmark Nifty 50. The share price has fallen 14% in the last 12 months and 4% on a year-to-date basis.
All six analysts tracking Medplus Health Services have a 'buy' rating on the stock, with a target price of Rs 927, implying a return potential of 29%, as per Bloomberg data.
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