As IndusInd Bank divests the entire stake, Nippon Life reaches a record high.

Prior to market opening, more than 1.78 crore Nippon Life shares were exchanged.

The shares of Nippon Life India Asset Management Ltd. reached a new high on Wednesday following the pre-market major trade in which IndusInd Bank Ltd. sold its whole holding. A maximum of 2.86% of Nippon Life India Asset Management Ltd. underwent ownership changes. Before the markets opened, more than 1.78 crore Nippon shares were exchanged on the bunch-trade window. IndusInd Bank will sell its whole 2.86% ownership in the asset management company, although the buyers and sellers were not made public due to the conditions of the agreement.

The shareholding pattern on the BSE indicates that IndusInd had 1,78,57,355 equity shares in Nippon at the end of the September quarter. About Rs 760.72 crore is the deal’s bid size. The deal’s exclusive bookrunner is JM Financial, per the term sheet. Following the pre-market huge deal, Nippon Life’s shares increased 8.22% to a record high. As of 10:12 a.m., the stock was up 7.17% compared to the NSE Nifty 50’s 0.44% increase.

The share price has increased by about 92% this year. The 30-day average was 199 times the total traded volume. The stock can be overbought, as indicated by the RSI of 71. Eleven of the eighteen analysts who are following the stock recommend a “hold,” while fifteen have a “buy” rating. A probable 11.8% decline is implied by the 12-month analyst price objective of Rs 423.07.


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