Nippon Life India AMC surges 8%, hits new high after huge block deal

According to reports, IndusInd Bank was seeking to divest 2.86 per cent stake in Nippon AMC

Shares of Nippon Life India Asset Management (Nippon AMC) hit a new high of Rs 486.80 as they rallied 8 per cent on the BSE in Wednesday's intraday trade after nearly 3 per cent of the total equity of the company changed hands via block deals.

Till 10:46 AM, a combined 22.09 million equity shares, representing 3.53 per cent of total equity of Nippon AMC, had changed hands on the BSE (18.15 million or 2.9 per cent) and NSE (3.94 million or 0.63 per cent), data shows.

The names of the buyers and sellers could not be ascertained immediately. Reports, however, suggest IndusInd Bank was seeking to divest 2.86 per cent stake in Nippon AMC. The price for the offer was likely determined at Rs 426.6 per share. If executed, it would mark complete exit of IndusInd Bank from Nippon AMC.
 

Nippon AMC is one of the largest asset managers in India, managing (directly & indirectly) assets across mutual funds including Exchange Traded Funds, managed accounts, including portfolio management services, alternative investments funds, and offshore funds and advisory mandates. NAM India is the asset manager of Nippon India Mutual Fund’s schemes.

It also acts as an advisor for India focused Equity & Fixed Income funds in Japan (launched by Nissay Asset Management), and in Thailand (launched by BBL Asset Management). It also manages offshore funds through its subsidiary in Singapore and, also has representative office in Dubai thereby catering to investors across Asia, Middle East, UK, US, & Europe.