comScore
Active Stocks
Wed Nov 29 2023 11:51:32
  1. Tata Steel share price
  2. 127.9 0.83%
  1. Wipro share price
  2. 405.4 2.13%
  1. Tata Motors share price
  2. 700.75 0.45%
  1. State Bank Of India share price
  2. 568 0.61%
  1. HDFC Bank share price
  2. 1,547.95 1.2%
Business News/ Companies / News/  Niva Bupa weighs stake sale at $2 billion valuation: Report
Back Back

Niva Bupa weighs stake sale at $2 billion valuation: Report

Niva Bupa Health Insurance, a joint venture between the UK insurer and Indian private equity fund True North, is working with an adviser on the potential stake sale, the report said. The sale could raise as much as $100 million.

True North may consider selling some of its stake, the people saidPremium
True North may consider selling some of its stake, the people said

An Indian general insurer backed by British United Provident Association Ltd. is considering selling a minority stake that could value the firm at around $2 billion, according to people familiar with the matter.

Niva Bupa Health Insurance Company Ltd., a joint venture between the UK insurer and Indian private equity fund True North, is working with an adviser on the potential stake sale, the people said. The sale could raise as much as $100 million, they said.

True North may consider selling some of its stake, the people said. A deal could also involve issuing new shares, one of the people said, asking not to be identified as the information is private.

Deliberations are at an early stage, details such as size and structure could change and the insurer could decide not to go ahead with the stake sale, the people said. Representatives for Bupa, Niva Bupa and True North declined to comment.

A deal would see the insurer join billionaire Uday Kotak’s Kotak Mahindra Bank Ltd. which is considering selling a minority stake in its own general insurance unit, Bloomberg News has reported.

Niva Bupa has a network of more than 9,100 hospitals and serves about 7 million people as of March 2021, according to its website. Founded as a joint venture between Bupa and Indian insurer Max India Ltd., Max sold its stake to True North in 2019, the website shows. The firm was rebranded as Niva Bupa two years later, and Bupa increased its stake to 44.75%, according to the UK insurer’s annual report.

Axis Bank Ltd. agreed to buy a 9.9% interest in Niva Bupa from True North in 2021 and invested about $12.5 million.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Updated: 14 Feb 2023, 07:28 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App