Home grown private equity firm True North and other entities are planning to raise up to $126 mn via the block deal route in Niva Bupa Health Insurance, according to a term sheet reviewed by Moneycontrol.
The proposed block trade has been launched, two persons in the know told Moneycontrol on the condition of anonymity.
A combined stake of 7.2 per cent is on offer as part of the proposed block trade with True North entity Fettle Tone LLP looking to dilute 6.7 per cent and the MD and CEO Krishnan Ramachandran looking to dilute 0.5 per cent, as per the term sheet.
According to the term sheet, the indicative offer price is Rs 82/share , a 11.1 per cent discount to the closing price of Rs 92.29 /share on May 30, the term sheet said. ICICI Securities and Kotak Mahindra Capital are the investment banks acting on the transaction.
True North and Krishnan Ramachandran couldn't be reached for an immediate comment.
The Niva Bupa Health Insurance stock has risen by 23.4 per cent in the last six months. British insurer Bupa is the promoter of the firm with 55.98 per cent stake and True North via Fettle Tone LLP holds 17.47 per cent stake as per latest exchange data.
When Niva Bupa Health Insurance listed on the domestic bourses in November 2024, it was the first instance of a pure-play global MNC insurer (British health insurance and healthcare player Bupa) backed listing in India.
Four years after picking up a majority stake from Max in Max Bupa Health Insurance (later Niva Bupa Health Insurance), True North ceded control to JV partner Bupa in September 2023 by agreeing to sell a 20 percent stake to the British firm for around Rs 2,700 crore.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
