IndusInd Bank Sells Stake Worth Rs 760 Crore In Nippon Life

As much as 2.86% stake of Nippon Life India Asset Management Ltd. changed hands in a pre-market large trade on Wednesday.

More than 1.78 crore shares of Nippon were traded on the bunch-trade window before the markets opened.

While the buyers and sellers could not be confirmed immediately, NDTV Profit had reported based on terms for the deal that IndusInd Bank Ltd. will sell its entire 2.86% stake in the asset management company.

IndusInd held 1,78,57,355 equity shares in Nippon in the quarter-ended September, according to the shareholding pattern on the BSE.

The offer size of the deal is at around Rs 760.72 crore. JM Financial is the sole bookrunner for the deal, according to the document.

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