IndusInd Bank Sells Nippon Life India Asset Stake for Rs 795 Crore

New Delhi, Dec 20 (PTI) Hinduja-promoted IndusInd Bank on Wednesday sold its entire 2.86 per cent stake in Nippon Life India Asset Management for Rs 795 crore through open market transactions.

SBI Mutual Fund (MF), ICICI Prudential MF, Bajaj Allianz Life Insurance, ICICI Prudential Asset Management Company, Societe Generale and Morgan Stanley Asia Singapore, were among the buyers.

Through 13 tranches, IndusInd Bank offloaded 1,78,57,355 shares, amounting to a 2.86 per cent stake in Nippon Life India Asset Management (NAM-INDIA), as per the block deal data available with the BSE.

The shares were disposed of at an average price of Rs 445.35 per piece, taking the combined transaction value to Rs 795.27 crore.

At the end of the September quarter, IndusInd Bank held 1,78,57,355 shares, representing a 2.86 per cent stake in NAM-INDIA, according to shareholding data on the BSE.

On Wednesday, shares of NAM-INDIA rose 2.05 per cent to close at Rs 459 apiece on the BSE.

Meanwhile, in a block deal on the NSE, K S Kolbenschmidt GMBH divested 8.8 per cent stake in Shriram Pistons & Rings for Rs 430 crore through an open market transaction.

According to the block deal data available with the National Stock Exchange (NSE), K S Kolbenschmidt GMBH sold 39 lakh shares, amounting to a 8.85 per cent stake in Shriram Pistons & Rings Ltd.

The shares were disposed of at an average price of Rs 1,103.60 apiece, taking the deal value to Rs 430.40 crore.

Al Mehwar Commercial Investments LLC (Noosa) and Abakkus Asset Manager were the buyers of the shares.

Shares of Shriram Pistons & Rings jumped 5 per cent to settle at Rs 1,158.75 apiece on the NSE.