IndusInd Bank Ltd. plans to sell 2.86% stake in Nippon Life India Asset Management Co. via block deal on Wednesday.
The bank plans to sell the stake at a floor price of Rs 426 per share, according to the terms seen by NDTV Profit. The price is at a 5% discount to Tuesday's closing price of Rs 449 apiece on the BSE.
The offer size of the deal is at around Rs 762 crore. JM Financial is the sole bookrunner for the deal, according to the document.
IndusInd Bank held 2.86% stake, or 1,78,57,355 equity shares, in Nippon AMC in the quarter-ended September, as per the shareholding pattern on BSE.
IndusInd Bank's total investments rose by 24% to Rs 94,427 crore for Q2 FY24 from Rs 75,994 crore during Q2 FY23, according to its investor presentation.
Nippon AMC shares have gained about 79% year-to-date compared to a 17% rise in the benchmark BSE Sensex.
In the quarter-ended September, mutual funds held about 5.16% stake whereas Life Insurance Corp. had 6.11% equity in Nippon AMC.
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