Medi Assist stock surges to record high after Rs 580 cr block deal; Bessemer India offloads stake

Medi Assist shares worth Rs 580.50 crore were sold in a block deal on September 3 with promoter Bessemer India being the likely seller.  Around 95 lakh shares, representing a 13.5 percent stake of the company that offers third-party administration services to insurance firms changed hands at a floor price of Rs 612 apiece. The floor price of the deal implies a marginal premium from the previous closing price of Rs 611.40.

While Moneycontrol could not immediately verify the parties involved in the transaction, CNBC-TV18 reported on September 2 that promoter Bessemer India were looking to offload shares of Medi Assist Healthcare in a block deal, aimed at raising Rs 540.94 crore from the transaction.

Shares of Medi Assist Healthcare reacted positively to the block deal and surged 5 percent in early trade to hit a record high of 647.80. At 09.31 am, the shares were trading at Rs 626.50 on the NSE, sharply off its record high.

Promoter Bessemer India held a 29.22 percent stake in Medi Assist Healthcare Services as per the company's latest shareholding data. The CNBC-TV18 report also stated that the block deal will trigger a lock-in until July 18, 2025 for Bessemer India to execute any further stake sales.