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Medi Assist Healthcare Services share price today surged 11.3 per cent on the BSE, registering an intraday high of Rs 624.95 per share. The counter saw buying on Tuesday, August 27, after an acquisition announcement, which came after market hours on Monday.
At around 9:34 AM, shares of Medi Assist Healthcare Services were up 8.4 per cent or Rs 47.15 at Rs 608.25 per share. The market capitalisation of the company at around Rs 4,276.92 crore.
Medi Assist Healthcare Services, on Monday, announced that its subsidiary -- Medi Assist Insurance TPA -- has signed definitive documents to acquire 100 per cent stake in Paramount Health Services & Insurance.
"The acquisition is expected to leverage Medi Assist's technology, automation (AI/ML), provider networks that position the combined business as a long-term strategic partner to Insurers (General, SAHI and Life)," the company said in its stock exchange filing.
Paramount Health Services & Insurance is a prominent player in the Third Party Administrator (TPA) space, owned by Fairfax Asia and the Shah family. Paramount TPA works with 30 insurers and more than 3,000 group customers and retail policyholders.
Thus, with the acquisition of Paramount TPA, Medi Assist TPA's market share will grow to 36.6 per cent for the group segment and 23.6 per cent for the health insurance industry, by premiums managed, the filing added.
Medi Assist Healthcare Services provides TPA services to insurance companies through its wholly owned subsidiary, Medi Assist TPA. As a health benefits administrator the company offers services to employers, self-funded plans, and insurers across a network of global healthcare providers. Through its subsidiary Mayfair We Care, the company provides TPA services to International Private Medical Insurance (IPMI), in 148 countries.
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Medi Assist Q1FY25 results
The company logged a consolidated net profit of Rs 186.16 million against Rs 171.71 million year-on-year (Y-o-Y). The total income of the company stood at Rs 1.728.95 million against Rs 1.461.38 million a year ago. Conversely, the total expense stood at Rs 1,478.51 million against Rs 1.278.01 million.
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