Sunday, April 22, 2018

Dozen bidders eye purchase of Star Health

Twelve bidders, including financial as well as strategic investors, have joined the fray to buy Chennai-based Star Health and Allied Insurance from its private equity owners.

According to livemint.com, the investors who have submitted bids include homegrown PE fund Kedaara Capital Advisors; PremjiInvest, Singapore’s Temasek Holdings; Carlyle Group; Bain Capital and Warburg Pincus.

The bidders and strategic investors also included HDFC Ergo General Insurance, ICICI Lombard General Insurance and Hero FinCorp, among others.

A source further said that Kotak Investment Bank has been hired by investors to find a suitable buyer.

According to the source, some of the bids submitted range from US$850 million to US$1 billion.

Star Health and Allied Insurance was established in 2006 and is deemed the biggest independent health insurer in India.

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