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

Hong Kong-based WFM Asia on Wednesday divested a 2.84% 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% stake in Chennai-based Star Health and Allied Insurance.

Meanwhile, SBI Mutual Fund acquired over 1.64 crore shares, representing a 2.8% 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.