Private equity firm Warburg Pincus, through its Mauritius-based unit Lavender Rose Investment Ltd, has offloaded its stake in India’s MedPlus Health Services for Rs 836 crores (around $100 million), according to bulk deal data available on the National Stock Exchange (NSE).
Warburg Pincus offloaded 1.3 million shares at Rs 616.48, per share. The Singapore government and ICICI Prudential Mutual Fund acquired 6.2 million shares in MedPlus Health Services.
Shares of MedPlus were trading at Rs 664.60 apiece, up 4.3% from their previous close, in afternoon trade on NSE on Tuesday.
In 2021, Warburg Pincus had sold its 6.2% stake to investors including the asset management and life insurance business of SBI Mutual Fund, Motilal Oswal Mutual Fund and Malabar India Fund.
Warburg Pincus has been investing in healthcare for over 50 years and counts Ensemble Health Partners, Quantum Health, Alignment Healthcare, Modernizing Medicine, Qualifacts, and ParetoHealth, among its portfolio firms. Some of the firm’s investments in the Indian healthcare sector include Meril Life Sciences, MedPlus, Laurus Labs, and Metropolis Healthcare.
In April, Warburg Pincus acquired a stake in Appasamy Associates Ltd, an Indian manufacturer of ophthalmic equipment and devices. While the company declined to disclose the deal value, it said it is the largest investment in the healthcare sector by the firm in India.
MedPlus operates over 4,000 pharmacies across India serving over 3.5 lakh customers daily, according to its LinkedIn page. The first MedPlus pharmacy was opened in February 2006 in the southern Indian city of Hyderabad.