Kotak Mahindra Mutual Fund Raises Stake Over 5% In Newly Listed Firm; Healthcare Stock To Be in Focus

Healthcare Stock Under Rs 200: The Shares of North India-based hospital chain Park Medi World will be in focus on Tuesday after Kotak Mahindra Mutual Fund raised its stake to take the total holding to over 5 per cent. Before this new acquisition, the Kotak Mahindra Bank's Mutual Fund house was holding 21,591,213 shares in the company, representing a 4.9 per cent stake.

As per the information, the fund house has acquired an additional 175,164 shares or 0.04 per cent stake, taking the total holdings to 21,766,377 shares or 5.03 per cent stake in the company.

"We would like to inform you that Kotak Mahindra Mutual Fund (KMMF) has acquired equity shares of Park Medi World Limited, constituting more than 5.00% of the issued equity share capital of the company. KMMF has acquired equity shares of Park Medi World Limited through its Schemes," Kotak said in an exchange filing, earlier last week.

Park Medi World Share Price History

Earlier, in the morning, the healthcare sector stock started trading in the negative territory at Rs 190 per share as compared to the last day's closing of Rs 192.56 on NSE. Meanwhile, the stock remained volatile, touching the intraday high and low of Rs 194 and Rs 181.03, respectively. At closing, the stock settled at 185.50, down 3.93 per cent or Rs 7.56 as compared to the previous close.

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Meanwhile, the market cap of the medical sector company stood at nearly Rs 7,900 crore.

After being listed on the stock market in December last year, the stock surged over 22 per cent this year to date. In a month, it jumped over 5 per cent, despite volatility in the market due to geopolitical concerns. However, in the last five trading sessions, it fell nearly 10 per cent.

Acquisition Ahead

Earlier, the healthcare company had announced the acquisition of Agra-based KP Institute of Medical Sciences (KPIMS) in an all-cash deal worth Rs 245 crore.

The deal involves the acquisition of the entire stake in KPIMS and is expected to strengthen Park Medi World's hospital network in North India. According to a regulatory filing, under the deal, Park Medi World will take full ownership of KPIMS.

Disclaimer: This story is for informational purposes only. It should not be considered as investment advice.