PE firm Fettle Tone considers partial stake sale in Niva Bupa: Sources

Private equity investor Fettle Tone, the investment arm of True North, is exploring a partial sale of its stake in Niva Bupa Health Insurance, sources familiar with the matter told CNBC-TV18.

Fettle Tonne, which currently holds a 7.9% stake in Niva Bupa, is considering selling up to 5% of its holding through a block deal, sources said. The firm is believed to have approached investment bankers to facilitate the transaction. This potential stake sale comes just a few months after K Ramachandran, Managing

Director and CEO of Niva Bupa and Fettle Tonne, sold 10% of his personal stake in June 2025, according to market disclosures. When contacted for comments, Niva Bupa Health Insurance told CNBC-TV18, "We don’t comment on market speculation or shareholder’s decisions." A formal response from Fettle Tone is still awaited at the time of publishing this story.

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