Lavender Rose Investment Exits Medplus Health, Sells 11% Stake For Rs 836 Crore
The public promoter of Medplus Health Services Ltd. divested its entire shareholding of Rs 836 crore through open market transactions on Monday.
Lavender Rose Investment offloaded 1.35 shares, representing an 11.35% stake in the Hyderabad-based pharmacy retailer, at Rs 616.48 apiece, according to the bulk deal data on the NSE. The fund house held an 11.35% stake in Medplus as of June.
ICICI Prudential India Opportunities Fund 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.
The company offers a wide range of products, including pharmaceutical and wellness products, such as medicines, vitamins, medical devices and test kits, and FMCG products like home and personal care items, including toiletries, baby care products, soaps, detergents and sanitisers. It was also the first pharmacy retailer in the country to offer an omnichannel platform and it continues to scale up its retail store network.
Medplus' stock rose as much as 4.8% during the day to Rs 665.50 apiece on the NSE. It closed 0.39% higher at Rs 637.45 per share, compared to a 0.76% advance in the benchmark Nifty. The share price has fallen 29.12% in the last 12 months and 13.93% on a year-to-date basis.
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