There was a large block deal in Medplus Health Services recently, where 12.85 percent equity of the company exchanged hands in a transaction at Rs 860. PI Opportunities Fund and Lavender Rose were the sellers. Fidelity, The Government of Singapore, and Steadview Capital were a few key buyers. The management told CNBC-TV18 today that the block trades were part of a planned exit by private equity (PE) investors.

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Gangadi Madhukar Reddy, MD & CEO of Medplus Health Services, said private equity funds do exit at intervals in small portions. “This has come nearly two years after we listed, and it's just part of the overall thing,” said Reddy.

Based on the June quarter shareholding pattern, PI Opportunities Fund held a 14.11 percent stake in the company, while Lavender Rose had a 17.24 percent stake.

While talking about the current stakeholding, he said, “I am not privy to what they are thinking, but going by what usually happens in these markets, and in PE holdings, I expect they will hold on to their stake for a while.”

CNBC-TV18 had earlier reported, citing sources, that PI Opportunities Fund or Premji Invest, along with Lavender Rose Investment Ltd., some of the early investors in pharmacy chain MedPlus Heath Services were planning on paring some of their stake in the company.

MedPlus Health Services is one of India's largest pharmacy stores that also operates online pharmacies, diagnostic services, and other facilities. The company currently has close to 4,000 stores spread across 581 cities in India.

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