WFM Asia sells 2.84 pc stake in Star Health for Rs 701 crore

New Delhi, Jun 25 (PTI) Hong Kong-based WFM Asia on Wednesday divested a 2.84 per cent stake in Star Health and Allied Insurance Company for nearly Rs 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 Rs 420.03 apiece, taking the deal value to Rs 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 Rs 690 crore.

Shares were purchased at an average price of Rs 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 Rs 428.20 apiece on the NSE. PTI HG HG BAL BAL