IndusInd Bank Sells Nippon Life Stake For Rs 795 Crore

IndusInd Bank Ltd. has sold its entire stake in Nippon Life India Asset Management Ltd. for Rs 795 crore through open market transactions on Wednesday.

The private lender offloaded 1.78 crore shares—representing 2.86% of the shareholding—in Nippon Life, according to block deal data on the BSE.

The shares were sold and bought at Rs 445.35 apiece.

SBI Mutual Fund bought 77.82 lakh shares (1.23%), while ICICI Prudential Mutual Fund purchased 47.01 lakh shares (0.92%). Norges Bank bought 9.34 lakh shares (0.14%), Societe Generale mopped up 9 lakh shares (0.14%), and Morgan Stanley Asia Singapore Pte purchased 2.25 lakh shares (0.03%).

Other buyers included Tata Mutual Fund, DSP Mutual Fund, Kotak Life Insurance, Baroda BNP Paribas Mutual Fund and Bajaj Allainz Life Insurance Co.

Shares of Nippon Life climbed over 8% intraday to a lifetime high after the pre-market large trade. The stock settled to close 2.05% higher at Rs 459 apiece, as compared with a 1.30% decline in the BSE Sensex.