Bessemer Venture Partners Reduces Stake in Medi Assist by 13.5% for Rs 580 Crore

California-based Bessemer Venture Partners reduced its stake in Medi Assist Healthcare Services by 13.5% on Tuesday, selling shares worth Rs 580 crore through open market transactions. Prominent buyers included Goldman Sachs, Morgan Stanley, and Societe Generale.

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Bessemer Venture Partners, via its subsidiary Bessemer India Capital Holdings II, sold 94,90,258 shares of Medi Assist Healthcare Services. The shares were sold at an average price of Rs 611.70 each, amounting to a total transaction value of Rs 580.52 crore, according to data from the National Stock Exchange (NSE).

Stake Reduction Details

Following this sale, Bessemer Venture Partners' holding in Medi Assist Healthcare Services decreased from 29.22% to 15.72%. Novo Holdings A/S, another public shareholder, also sold 5 lakh shares at the same price.

The shares were acquired by several institutional investors including Invesco Mutual Fund, ICICI Prudential MF, HDFC MF, Aditya Birla Sun Life Insurance, Citigroup Global Markets Mauritius, Goldman Sachs, Morgan Stanley, Capital Group, SocGen, and SBI Life Insurance.

Market Reaction

On the day of the transaction, Medi Assist Healthcare Services' stock price dropped by 1%, closing at Rs 611.70 per share on the NSE.

This significant stake sale by Bessemer Venture Partners marks a notable shift in the ownership structure of Medi Assist Healthcare Services. The involvement of major financial institutions as buyers indicates strong interest and confidence in the company's future prospects.

The transaction highlights the dynamic nature of investment strategies among venture capital firms and institutional investors in India's healthcare sector.