Analjit Singh-promoted Max India Ltd is close to selling its entire 51% stake in Max Bupa Health Insurance Co. Ltd to private equity firm True North Managers, Mint and The Times of India reported.
A decade ago, Max India had entered Max Bupa Health Insurance as a promoter. Now, Max India is all set to make the first exit by an Indian promoter in the domestic health insurance industry.
"The deal would value Max Bupa at around Rs 2,000 crore. This valuation is based on Max Bupa’s gross underwritten premium of around Rs 755 crore for 2017-18 and an estimated Rs 931 crore for 2018-19," one person in the know told Mint.
Meanwhile, Maiyas Beverages and Foods has received bids to revive the Bengaluru-based packaged foods company from six players including Sanjiv Goenka’s Guiltfree Industries, Kamal Agarwal’s Haldiram and MTR Foods, The Times of India reported.
Maiyas Beverages and Foods is 40% owned by the Maiya family, and 30% each by private equity (PE) firms Peepul Capital and Ascent Capital. The Maiya family and the PE firms have shown differences on the road map for the business, the report said.
MTR, which is now bidding, was earlier owned by Maiyas Beverages, which sold off the brand to Norwegian food company Orkla in 2007.
Separately, Samunnati Financial Intermediation and Services Pvt. Ltd is in talks with PE firms to raise up to ₹250 crore, a person in the know told Mint. The firm specialising in loans to farmers and entities engaged in agriculture has appointed investment bank Kotak Mahindra Capital to help it raise funding, the person added.
“Samunnati plans to dilute a minority stake through the latest fundraise,” said the person.
The development comes after VCCircle reported in January that Samunnati had raised Rs 150 crore ($23.5 million) in a Series C round of funding from Swiss social impact investor responsAbility and existing investors Elevar Equity and Accel Partners.