&w=3840&q=100)
WFM Asia offloads 2.84% stake in Star Health Insurance for ₹701 crore
Press Trust of India New Delhi
Hong Kong-based WFM Asia on Wednesday divested a 2.84 per cent stake in Star Health and Allied Insurance Company for nearly ₹ 701 crore through an open market transaction.
Hedge fund manager WFM Asia, through its affiliate WF Asian Smaller Companies Fund, offloaded more than 1.66 crore equity shares or 2.84 per cent stake in Star Health and Allied Insurance Company, as per the bulk deal data on the NSE.
The shares were disposed of at an average price of ₹ 420.03 apiece, taking the deal value to ₹ 700.86 crore.
At the end of the March quarter, WFM Asia, through its arms WF Asian Reconnaissance Fund and WF Asian Smaller Companies Fund, owned a 3.48 per cent stake in Chennai-based Star Health and Allied Insurance.
Meanwhile, SBI Mutual Fund acquired over 1.64 crore shares, representing a 2.8 per cent stake in Star Health for nearly ₹ 690 crore.
Shares were purchased at an average price of ₹ 420 per piece.
Details of other buyers of Star Health and Allied Insurance Company's shares could not be ascertained on the exchange.
Shares of Star Health and Allied Insurance Company went up marginally to close at ₹ 428.20 apiece on the NSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Landmark Group to invest ₹400 crore to develop residential project on Dwarka Expressway
NEW DELHI: Gurugram-based Landmark Group plans to invest about ₹400 crore to develop Landmark Skyvue , situated in Sector 103, Dwarka Expressway . The newly launched development makes up phase II of the entire project, spread across 11 acres of the land parcel. The company delivered phase I, spread across three acres, in 2013 and expects to launch phase III, spread across four acres, in FY26. The construction cost of phase-II of the project is ₹400 crore, of which company is in talks with State Bank of India (SBI) to finance about ₹200 crore. Sandeep Chhillar , founder and chairman of the company said, "The land was bought in 2009. Initially we are looking for ₹200 crore finance and if the need arise, will look for further bank finance." The project will have a total of 240 units, offering 3BHK + Utility and 4.5BHK + Utility residences. With the revenue potential of ₹1,200 crore, the project is likely to be delivered over the next four years. The company has launched the project at Rs 17,500 per sq ft. The price for an apartment ranged from ₹4.99-₹6.78 crore. The company has three other projects in its pipeline for FY26, including a commercial project - Landmark One, measuring 2.2 million sq ft on Golf Course extension road, a high street retail project - Landmark Valeria, and a large mixed-use project, both situated on Dwarka Expressway. It has a land parcel of about 11 acres in Rohtak, about 25-30 acres in Gurugram and about 35 acres in Kurukshetra, on which it plans to develop projects in coming years. Separately, it is also present in co-working space through Plus Offices which has about 3,500 seats in Gurugram and has a master licence for Venture X in Indian region.
Hindustan Times
an hour ago
- Hindustan Times
Cracker Barrel new logo row: Why Lebanon-based chain is facing backlash; CEO responds
Cracker Barrel, famous Lebanon-based restaurant chain, is facing severe backlash on social media over its new logo and menu updates. On Wednesday, the chain announced the changes, saying the new logo is 'now rooted even more closely to the iconic barrel shape and word mark that started it all'. This is the first time in 48 years that the Cracker Barrel logo will be text-only with no images. Cracker Barrel has changed its logo(Cracker Barrel) The chain, which opened in 1969, had a logo with just text before, but in 1977, it updated the image to show a man resting by the barrel. In a press release, Cracker Barrel noted that 'farm fresh scrambled eggs and buttermilk biscuits' were the inspiration behind the color palette in the new campaign. The company is running an 'All the More' campaign that 'positions the iconic American brand for the future'. 'We believe in the goodness of country hospitality, a spirit that has always defined us. Our story hasn't changed. Our values haven't changed. With 'All the More,' we're honoring our legacy while bringing fresh energy, thoughtful craftsmanship and heartfelt hospitality to our guests this fall,' Sarah Moore, chief marketing officer of Cracker Barrel, said in a statement. However, social media backlash followed the makeover. 'The CEO of Cracker Barrel is as woke as they come. She is destroying a once great American brand,' pro-Trump adviser Alex Bruesewitz wrote on X, platform formerly known as Twitter. 'This logo is depressing,' another person added. 'Now why would they remove the cracker & the barrel?' a third one tweeted. Cracker Barrel CEO responds The CEO of the company, Julie Felss Masino, explained the changes in an interview with Good Morning America. 'People like what we're doing. Cracker Barrel needs to feel like the Cracker Barrel for today and for tomorrow -- the things that you love are still there. We need people to choose us, and we want people to choose us,' she said. Masino added that at a recent on-site meeting in Florida, the 'No 1 question I got asked was, 'How can I get a remodel, when can I get a remodel and how do I get on the list?'"
Time of India
an hour ago
- Time of India
Lowe's to buy Foundation Building Materials for $8.8 billion
BENGALURU: Lowe's Cos said on Wednesday it has agreed to buy interior building products distributor Foundation Building Materials for nearly $8.8 billion, stepping up its expansion into the business that serves contractors and builders. Shares of the home improvement chain rose 3% in premarket trading as the company raised annual sales forecast and beat second-quarter profit estimates. Lowe's and rival Home Depot are turning to deals to bolster their presence in the $250 billion worth professional builder market, amid weak demand in the do-it-yourself category. Lowe's DIY sales make up about 70% of its annual revenue. "The urgency of acquisition in the pro distributors market is clearly escalating, which we think will be a focus as competition heats up," analyst Christopher Horvers wrote in a note. Lowe's acquired Artisan Design for $1.33 billion in April, while Home Depot in late June decided to buy specialty building products distributor GMS for about $4.3 billion. California-based Foundation Building Materials supplies construction products such as drywall, metal framing, ceilings, doors, and hardware to around 40,000 professional customers through more than 370 locations in the U.S. and Canada. "FBM's scalable, multi-trade distribution platform and strong leadership combined with our recent acquisition of ADG (Artisan Design) will significantly enhance our Pro offering," Lowe's CEO Marvin Ellison said. A day earlier, Home Depot kept its annual forecasts unchanged, betting on continued spending on smaller-scale maintenance projects and demand from professional contractors in the second half. Lowe's expects to finance the deal through a mix of short-term and long-term debt. The deal is expected to close in the fourth quarter of 2025, subject to certain regulatory approvals. The company expects total annual sales in a range of $84.5 billion to $85.5 billion, compared to its prior expectation of $83.5 to $84.5 billion. It earned $4.33 per share on an adjusted basis in the quarter, exceeding estimates of $4.24, according to data compiled by LSEG.
