PI Opportunities Fund pares 5.8% stake in Medplus Health

19 Nov 2024 , 09:53 AM

PI Opportunities Fund, one of Medplus Health Services’ main investors, along with SBI Mutual Fund, sold up to 79 lakh shares in the company. Block trades on the NSE were done at an average price of ₹700 per piece, accounting for 6.6% of total outstanding equity. The acquisition was valued at ₹ 553 Crore.

While PI Opportunities Fund liquidated its whole position, SBI Mutual Fund sold an additional 10 lakh shares on Monday. Medplus Health’s stock closed Monday at ₹ 719.05 on the NSE, up 2.1% from the previous close.

Invesco Mutual Fund and Kotak Mahindra Mutual Fund bought 2.6% apiece, while Franklin Templeton Mutual Fund purchased an additional 1.3% of shares.

Morgan Stanley Asia acquired the remaining 1.4 lakh shares. According to NSE shareholding statistics, the PI Opportunities firm, a private equity firm run by Premji Invest, held 8.23% of the company as of June 2024, although this had dropped to 5.8% by September 2024.

Medplus Health’s net profit more than doubled to ₹39 Crore in the September quarter due to high demand for OTC medicines. The revenue for the quarter was ₹1,576 Crore, up 12% over the previous year period. Medplus’ pharmaceutical operations account for approximately 99% of total revenue.

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