Nippon AMC shares soar 9% after Rs 762 cr block deal; IndusInd Bank offloads entire stake

CNBC-TV18 had reported citing sources that IndusInd Bank was looking to offload its entire 2.86 percent stake in the asset management company through a block deal.

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Shares of Nippon Life Asset Management Company soared around 9 percent in opening trade and hit a 52-week high of Rs 489 on December 20 after a block deal worth Rs 762 crore took place on the exchanges.

A block deal involving 1.78 crore shares, representing 2.86 percent equity in Nippon Asset Management Company took place on the exchanges at a floor price of Rs 427.

At 09.22 am, shares of Nippon AMC were trading 6.5 percent higher at Rs 478.05 on the NSE. The block deal also tipped off a spike in volumes in the counter as two crore shares changed hands on the bourses so far, significantly higher than the one-month daily traded average of seven lakh shares.

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While Moneycontrol could not immediately identify the buyers and sellers involved in the transaction, CNBC-TV18 had reported citing sources that IndusInd Bank was looking to offload its entire 2.86 percent stake in the asset management company.

The block deal was likely to be done at a floor price of Rs 426.60 per share, reflecting an over 5 percent discount to the stock’s closing price of Rs 449.80 in the previous session.

Also Read | IndusInd Bank likely to offload 2.86% stake worth Rs 762 cr in Nippon AMC via block deal: Sources

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