On Sunday, June 1, CNBC-TV18 reported citing sources that Fettle Tone and Krishnan Ramchandra were likely to sell 7.2% stake in Niva Bupa Health Insurance Company Ltd.
The offer price was set at ₹82 per share and the total size of the block deal was to be around 1,082 crore, sources said.
Based on the shareholding pattern at the end of March, promoters held 55.98% stake in the company.
The company reported a 31.2% increase in its fourth quarter
net profit at ₹206 crore from the previous year’s ₹157 crore.
The insurers gross premiums increased 18% in the March quarter at ₹2,078.7 crore from ₹1,759.4 crore in the year-ago period. Its net premium was up 21% at ₹1,672 crore from ₹1,381.9 crore in the previous fiscal.
However, its underwriting profit declined 12.2% to ₹57.6 crore from ₹65.6 crore, while its operating profit dropped by 43.1% to ₹94.9 crore from ₹166.8 crore in the year-ago period.
Its solvency ratio remained steady at 3.03% on a sequential basis.
Shares of Niva Bupa were trading 11.02% lower at ₹82.12 apiece at 9.20 am on Monday, June 2. The stock has gained 10.39% in the last six months.
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