Foreign direct investors in Star Health and Allied Insurance Ltd. have likely offloaded a 7.02% stake in a block trade, according to people with knowledge about the matter.
The shares are worth Rs 2,210.5 crore at the lower end of the price band of Rs 530–538 apiece, the above-mentioned people told NDTV Profit on the condition of anonymity. The price range represents a discount of 0.36–1.84% from Wednesday's closing price.
On Thursday, FDI investors Mio Star, Mio IV Star, ROC Capital, and Apis Growth likely sold 4.11 crore shares in the company, the above mentioned people said. ICICI Securities is the sole bookrunner of the deal.
For the residual stake, Mio Star will provide a 120-day lock-up for the remaining 67.72 lakh shares, they said.
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