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Shares of Medplus Health plunged nearly 7 percent in the early trade on August 31 after a block deal involving a 12.8 percent stake, worth Rs 1,319 crore, took place on the bourses.
Around 1.5 crore shares changed hands at an average of Rs 860 apiece, which is at a 3.5 percent discount to the closing price of Rs 891.10 the previous day.
At 9.24 am, Medplus Health was trading at Rs 833 on the NSE, down 6.5 percent from the previous close.
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Even though buyers and sellers involved in the transaction could not be identified immediately, CNBC-TV18 had reported earlier that early investors in the company, Lavender Rose and PI (Premji Invest) Opportunities Fund, were together looking to sell a total of 8.1 percent stake through block deals.
According to the report, the block size was expected to be around Rs 830 crore, while the base price was said to be Rs 860 per share.
As of the June shareholding data, PI Opportunities Fund held a 14.11 percent stake and Lavender Rose 17.24 percent.
MedPlus Health Services is as one of India’s largest pharmacy chains, encompassing online pharmacies, diagnostic services, and various other amenities. At present, the company claims a presence in 581 cities with nearly 4,000 stores.
During an interview to CNBC-TV18 in June, MedPlus promoter Gangadi Madhukar Reddy said the company planned to incorporate 800-1,000 new stores in the current year. He also acknowledged that the expansion would continue to exert pressure on the company’s profit margins.
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