Medi Assist Healthcare block deal: Stock hits 52-week high after equity worth ₹580 crore change hands

According to reports, around 95 lakh shares or 13.5% equity of Medi Assist Healthcare Services changed hands in a block deal. The shares were traded at ₹612 per share, taking the total deal value to worth ₹580.5 crore.

Shares of Medi Assist Healthcare Services gained nearly 5% to hit a 52-week high of ₹647.8 per share on the NSE. The stock later pared some gains to trade 1.3% higher at ₹625 per share.

The buyers and sellers in the deal were not immediately known, but the data will be available on the stock exchanges after market hours on Tuesday.

A CNBC-TV18 report quoting sources, on Monday, said that Bessemer India launched a block deal in Medi Assist Healthcare Services.

The deal size was estimated to be ₹540.94 crore as the shares were being offered at a floor price of ₹570 per share, which showed a 7.7% discount to Monday's closing price, the report stated.

Bessemer India is a promoter entity of Medi Assist Healthcare Services. Its remaining holding in Medi Assist is locked until July 18, 2025, as per sources quoted by the report.

At the end of the June quarter, Bessemer India Capital Holdings had a 29.22% stake in Medi Assist Healthcare Services.

Medi Assist Insurance TPA Private Ltd, a wholly-owned subsidiary of Medi Assist Healthcare Services, has also initiated the process for acquiring a 100% stake in Paramount Health Services & Insurance TPA Private Ltd for ₹311.8 crore, according to an exchange filing by the company.

Paramount TPA, owned by Fairfax Asia and the Shah family, is a major player in the segment. This acquisition will be a major development for the TPA sector, consolidating Medi Assist’s position as a market leader.

The transaction is subject to customary closing conditions and regulatory approvals from the Insurance Regulator (IRDAI).

Shares of Medi Assist Healthcare Services were trading 1.32% higher at ₹626 apiece on the NSE at 1:30 pm.