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News on Medial
Bulk deals: ICICI Prudential Life Insurance increases stake in Star Health and Allied Insurance
Money Control
·
1y ago
Medial
ICICI Prudential Life Insurance has increased its stake in Star Health and Allied Insurance by purchasing 30,00,000 shares at an average price of Rs 553. Apis Growth 6, a foreign investor, sold 1,00,00,000 shares of Star Health and Allied Insurance, equivalent to a 1.7% stake. Meanwhile, in Suven Pharmaceuticals, Abu Dhabi Investment Authority acquired a 0.61% stake, while Amansa Holding Private offloaded a 1.22% stake. Additionally, Shankar Sharma acquired a 0.59% stake in MOS Utility Ltd. Lastly, Chimetech Holdings sold a 1.04% stake in Delhivery.
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Related News
Apis Growth, Madison Capital sell stake in Star Health via block deal
Livemint
·
1y ago
Medial
The stake of investors Apis Growth and Madison Capital in Star Health & Allied Insurance, backed by Rakesh Jhunjhunwala, has been sold in a block deal. The transaction's value is estimated to be between $250 million and $270 million. The sale was managed by ICICI Securities, and the shares of Star Health saw a rise of 6.3% on the National Stock Exchange. This divestment follows Apis Growth's previous sale of shares in March 2024. Star Health's strong financial performance, including a 40% increase in net profit for Q4, contributed to positive investor sentiment.
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ICICI Prudential Increases Its Stake In Honasa To 5.48%
Inc42
·
10m ago
Medial
ICICI Prudential Life Insurance Company has increased its stake in Honasa through the acquisition of 46.91 lakh shares. Prior to this, ICICI Prudential held a 4.03% stake in Honasa, and its stake in the company now stands at 3.81% as of the end of the June quarter of 2024. Additionally, several investors, including Peak XV Partners, Fireside Ventures, and Stellaris Venture Partners, have sold Honasa shares worth INR 1,601.68 crore on Thursday.
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Zee’s largest shareholder, ICICI Prudential Mutual Fund, sells 42% of holding
Livemint
·
1y ago
Medial
ICICI Prudential Mutual Fund, the largest shareholder of Zee Entertainment Enterprises Ltd., has sold 42% of its holding in the company following the cancellation of the merger between Zee and Sony Corp. ICICI Prudential Mutual Fund's stake now stands at 5.09%, making it the third-largest shareholder. Nippon Mutual Fund is now the largest shareholder with 6.12%, while Life Insurance Corp of India holds 5.12%. The sale of shares earned ICICI Prudential Mutual Fund ₹365.7 crore ($49.7 million). The buyer of the shares remains undisclosed.
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SoftBank’s stake sale continues, offloads 1.14 Cr PB Fintech shares worth INR 914 Cr
Inc42
·
1y ago
Medial
SoftBank has sold 2.53% of its stake in PB Fintech through multiple block deals, totaling to INR 913.7 Cr. Following the sale, SoftBank is now expected to hold 83.23 Lakh shares in the company. The shares were purchased by Societe Generale, HDFC Mutual Fund, Goldman Sachs, ICICI Prudential Life Insurance, and others. This stake sale comes after SoftBank's recent offloading of shares in Zomato. PB Fintech has been witnessing improvements in its financials, with a significant decline in net loss and consecutive positive quarters of adjusted EBITDA.
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March Capital Offloads CarTrade Shares Worth Over INR 70 Cr In Bulk Deals
Inc42
·
1y ago
Medial
March Capital, a pre-IPO shareholder of CarTrade Technologies, offloaded around 950,000 shares of the company in bulk deals worth over INR 70 crore. Spritefield Venture International sold 632,000 shares, while MCP3 SPV sold 316,000 shares. CarTrade's shares fell 2.8% despite ICICI Prudential Mutual Fund purchasing 677,000 shares in bulk deals. In its Q3 FY24 report, CarTrade reported a net loss of INR 23.5 crore, primarily due to the closure of the OLX business division. However, the operating revenue increased by over 42% to INR 138.6 crore.
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Swiggy raises $605 million from anchor investors as part of $1.35 billion IPO
Economic Times
·
9m ago
Medial
Swiggy, the food and grocery delivery company, has closed the anchor portion of its initial public offering (IPO) by allocating shares worth $605 million to both domestic and foreign investors. Over 75 investors, including BlackRock, Fidelity, ICICI Prudential Mutual Fund, and HSBC, participated in the anchor investment round. Domestic insurance companies such as ICICI Prudential Life, HDFC Life, and SBI Life, as well as global investors like Norges and Capital Group, also joined in. The IPO, set at a valuation of $11.3 billion, will launch on Wednesday and is expected to be one of India's largest this year.
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Star Health under IRDAI lens over claim settlement; insurer says routine process
Business Today
·
4m ago
Medial
Star Health and Allied Insurance is under scrutiny by the Insurance Regulatory and Development Authority of India (IRDAI) for significant deficiencies in claim settlement practices. The insurer's claim settlement ratio for FY23-24 stood at 82.31%, with an overall incurred claim ratio of 66.47%. Star Health has been issued a show-cause notice, with IRDAI focusing on various business and operational aspects, including the number of claims rejected and approved. The company views this as a routine process.
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Here's why LIC net profit fell 50% to Rs 7,925 crore in Q2 FY24
IndianStartupNews
·
1y ago
Medial
Insurance giant Life Insurance Corporation of India (LIC) reported a 50% drop in net profit for the second quarter of the financial year 2024, amounting to Rs 7,925 crore. The decline was attributed to a decrease in net premium income and a change in accounting policy. However, LIC saw a rise in income from investments and improvements in solvency margin and gross non-performing assets ratio. While LIC's group business performance showed mixed results, the chairman expressed optimism for future growth. Other leaders in the Indian insurance market include SBI Life, HDFC Life, and ICICI Prudential Life.
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Bessemer Venture Partners pares 13.5 pc stake in Medi Assist for Rs 580 crore
YourStory
·
11m ago
Medial
Bessemer Venture Partners has sold a 13.5% stake in Medi Assist Healthcare Services for Rs 580 crore through open market transactions. Goldman Sachs, Morgan Stanley, and Societe Generale acquired a stake in the company. The shares were sold at an average price of Rs 611.70 per share. Following the sale, Bessemer Venture Partners' stake in Medi Assist decreased from 29.22% to 15.72%. Other buyers of Medi Assist Healthcare Services' shares included Invesco Mutual Fund, ICICI Prudential MF, HDFC MF, Aditya Birla Sun Life Insurance, and more. On the NSE, shares of Medi Assist Healthcare Services closed at Rs 611.70.
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CPPIB to sell 2.34 crore shares in Delhivery in block deal
YourStory
·
1y ago
Medial
Canadian pension fund CPPIB has reportedly sold a 3.17% stake in Indian logistics company Delhivery. The sale, valued at INR 910.2 crore ($124.5m), was executed through a block deal, with shares trading at an average price of INR 388.45. Fidelity Funds, HSBC, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, and ICICI Prudential Life Insurance were among the buyers. Delhivery recently reported a significant decrease in net loss for Q4 FY24 and turned EBITDA positive for the fiscal year. It has also received approval to set up a drone subsidiary to offer freight air transportation services.
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