Medi Assist Block Deal: Promoter Entity Likely To Exit Via Rs 560 Crore Stake Sale
The promoter entity, Bessemer India, is looking to offload its entire 15.67% stake in Medi Assist Healthcare Services.
Medi Assist Healthcare Services Ltd. promoter Bessemer India Capital Holdings II Ltd. is likely to exit the company in a bulk deal worth Rs 560 crore, according to the term sheet accessed by NDTV Profit.
The promoter entity will offload its entire 15.67% stake in the company, which serves as a third-party administrator for insurers.
The San Francisco-based venture capital firm has set the floor price at Rs 507 per share, which marks a 4% discount from the previous closing of Rs 527.90 per share. IIFL Capital Services Ltd. is the sole bookrunner for the deal.
According to BSE, Bessemer India Capital Holdings II holds 1.11 crore shares representing 15.67% stake in the company.
The promoter, in June 2024, held 29.22% stake in the company, but in September 2024 it sold 13.49% stake or 94.90 shares for Rs 580 crore.
Medi Assist Share Price Today
The business update was shared after market hours. The stock settled 2.42% higher at Rs 527,90 apiece on the NSE, compared to a 0.91% advance in the benchmark Nifty 50.
Medi Assist's shares have fallen 0.28% in the last 12 months and 8.45% year-to-date.
All four analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target of Rs 632.50 implies a potential upside of 19.8%.
