WFM Asia Sells Significant Stake in Star Health Insurance
WFM Asia divested a 2.84% stake in Star Health and Allied Insurance for Rs 701 crore. The shares, sold through WF Asian Smaller Companies Fund, were offloaded at an average of Rs 420.03 each. Concurrently, SBI Mutual Fund acquired a 2.8% stake for nearly Rs 690 crore.
- Country:
- India
In a significant financial maneuver, Hong Kong's WFM Asia divested a 2.84% stake in Star Health and Allied Insurance Company, netting nearly Rs 701 crore from the transaction.
The shares were sold through WFM Asia's affiliate, WF Asian Smaller Companies Fund, at an average price of Rs 420.03 per share, as revealed by NSE bulk deal data.
SBI Mutual Fund simultaneously acquired a nearly equivalent stake in Star Health, purchasing over 1.64 crore shares for approximately Rs 690 crore, at an average rate of Rs 420 each.
(With inputs from agencies.)
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