4.1 crore shares of Star Health change hands in block deal as 3 FDIs offload stake

These three block deals were conducted at a floor price of Rs 535 per share, amounting to a total of Rs 2,210.50 crore, reported Moneycontrol.

The parties involved in the transactions could not be identified immediately, Moneycontrol reported.

However, according to CNBC-TV18 sources, three FDI investors in the company—Apis Partners, Madison (MIO), and ROC Capital—were planning to sell their stakes.

Recent shareholding data showed that Apis Partners held a 2.61 percent stake, Madison had 2.39 percent, and ROC Capital owned 1.01 percent.

The report suggested that the three FDI investors aimed to raise $250-270 million through these block deals.

In early trading, shares of the health insurance company surged, reaching an intraday high of Rs 573.80, according to the report.

However, by 9:30 am, the price had adjusted to Rs 551.40, said the report.

The block deals also significantly increased trading volumes, with four lakh shares changing hands, surpassing the one-week average of two lakh shares.

For FY24, Star Health reported a net profit of Rs 845 crore, marking a 37 percent growth, with Gross Written Premium (GWP) increasing by 18 percent to Rs 15,254 crore.

The combined ratio for FY24 was 96.7 percent, and the claim ratio stood at 66.5 percent. Star Health's net worth for FY24 was Rs 6,339 crore.