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Business Standard

WFM Asia offloads 2.84% stake in Star Health Insurance for ₹701 crore

The shares were disposed of at an average price of ₹ 420.03 apiece, taking the deal value to ₹ 700.86 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.)