ICICI Prudential Fund Increases Stake in Star Health
In a significant move for investors, ICICI Prudential Fund has boosted its stake in Star Health and Allied Insurance, a company that features prominently in Rekha Jhunjhunwala’s investment portfolio. This strategic acquisition, revealed on May 5, raised the fund’s ownership to over 5%, signaling a strong vote of confidence in the insurance sector.
Details on the Stake Increase
According to a filing with the stock exchanges, ICICI Prudential Mutual Fund acquired 13,85,269 shares of Star Health on May 2, 2025. Before this transaction, the fund held 2,91,58,788 shares, equating to a 4.96% stake in the company. Following the latest purchase, its total shares have increased to 3,05,44,057, representing a 5.20% stake.
- Initial Stake: 2,91,58,788 shares (4.96%)
- New Stake: 3,05,44,057 shares (5.20%)
- Shares Acquired: 13,85,269 shares on May 2, 2025
Rekha Jhunjhunwala’s Holdings
Rekha Jhunjhunwala, who is part of the promoter group of Star Health, holds 1,78,70,977 shares in the company, translating to a 3.04% stake as of the quarter ending March 2025. The late Rakesh Jhunjhunwala, recognized as a prominent investor, owned 8,28,82,958 shares, amounting to 14.10% of the company, underscoring the family’s strong ties to Star Health.
Star Health’s Stock Performance
Despite a recent 2% gain in the last month, Star Health’s performance over the past year has been concerning. The stock has faced significant declines:
- Last Three Months: Down 18%
- Last Six Months: Down 26%
- Last Year: Down 35%
On May 6, shares of Star Health closed at ₹356.15, reflecting a 5% drop on the Bombay Stock Exchange (BSE).
Conclusion
ICICI Prudential’s increase in its stake highlights a growing confidence in Star Health and the broader insurance market, even amidst recent fluctuations in share prices. As stakeholders watch this development closely, it remains to be seen how the company’s performance will evolve in the coming months.
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