Around 4.1 crore shares of Star Health and Allied Insurance, representing a 7.05 percent stake in the company changed hands in block deals on the exchanges on May 23. The three block deals, done at a floor price of Rs 535 apiece, were worth a cumulative total of Rs 2,210.50 crore.
Moneycontrol could not immediately ascertain the parties involved in the transaction. However, CNBC-TV18 reported citing sources that three FDI investors of the company Apis Partners, Madison (MIO) and ROC Capital were looking to offload stake.
As per the insurance company's recent shareholding data, Apis Partners held a 2.61 percent stake, Madison owned 2.39 percent and ROC Capital had 1.01 percent ownership.
According to the report, the three FDI investors were eyeing to raise $250-270 million through the block deals.
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Shares of the health insurance company ran sharply higher in the early minutes of trade, scaling an intraday high of Rs 573.80. However, it soon came off its day's high and at 9.30 am, was trading at Rs 551.40.
The block deals also drove up volumes in the counter as four lakh shares changed hands so far, higher than the one-week average of two lakh shares.
In FY24, Star Health recorded a net profit of Rs 845 crore, a 37 percent growth, with Gross Written Premium (GWP) rising by 18 percent to Rs 15,254 crore.
The combined ratio stood at 96.7 percent for FY24. Additionally, the claim ratio was 66.5 percent for FY24. Star Health's gross written premium for FY24 totaled Rs 15,254 crore, with a net worth of Rs 6,339 crore.
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