Mio Star exits Star Health for Rs 299 crore, PI Opportunities picks 0.77% shares

Mio Star, which is associated with Madison Capital, exited Star Health & Allied Insurance Company by selling entire shareholding of 1.15 percent via open market transactions on September 16.

Star Health shares rallied 1.86 percent to Rs 450.85 on the NSE, trading well above all key moving averages.

Mio Star sold 67.72 lakh shares in the health insurance company, which is promoted by the late Rakesh Jhunjhunwala, at Rs 441.01 per share, valued at Rs 298.67 crore. However, Azim Premji-backed PI Opportunities AIF V was the buyer for some of the shares offloaded by Mio Star in Star Health, acquiring 45.35 lakh shares (0.77 percent stake) at Rs 441 per share, amounting to nearly Rs 200 crore.

The action was also seen in Carraro India shares that dropped 1.52 percent to Rs 447.20. Bajaj Allianz Life Insurance Company bought 10 lakh shares in the company, which manufactures axles and transmission systems for agricultural tractors and construction vehicles, at Rs 449 per share valued at Rs 44.9 crore, however, Motilal Oswal Mutual Fund offloaded 12 lakh shares at same price for Rs 53.88 crore.