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True North sells 20% of Niva Bupa for ₹2,700 cr
Mint Mumbai
|September 30, 2023
Private equity fund True North on Friday said it sold a 20% stake in general insurer Niva Bupa to its partner Bupa of UK for around ₹2,700 crore, making the latter the biggest shareholder in the 15-year-old company
The UK-based international healthcare and insurance company, which tied up with India's Max group to launch Max Bupa in 2008, will hold around 63% of the company once the transaction is concluded. True North, through its special purpose vehicle (SPV) Fettle Tone, will hold around 28%.
Niva Bupa also plans to raise around 1,100 crore in primary capital that will value it at 12,600 crore once the fundraising is concluded, said Divya Sehgal, partner at True North partner. The company is also looking for an initial public offering in the next 12-15 months.
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