Sun Life’s stake in BSLI will increase from current 26 per cent to 49 per cent while ABNL will continue to hold the controlling stake at 51 per cent.
Shares of Aditya Birla Nuvo (ABNL) gained as much as 1.5 per cent on Thursday after the company informed BSE on Wednesday post market hours that it has entered into an agreement with the Canadian insurance major Sun Life to sell around 437 million equity shares constituting 23 per cent of the issued and paid up equity share capital of Birla Sun Life Insurance (BSLI).
On completion of the transaction, Sun Life’s stake in BSLI will increase from current 26 per cent to 49 per cent while ABNL will continue to hold the controlling stake at 51 per cent. The 23 per cent stake sale will fetch ABNL Rs 1,664 crore, valuing BSLI at Rs 7,235 crore.
At 11.22 am, shares of ABNL were trading 0.84 per cent up at Rs 2,136. The scrip opened at Rs 2,139 and had touched a high and low of Rs 2149.95 and Rs 2,121.95, respectively, in trade so far. Sensex was down 124.42 points, or 0.48 per cent, at 25,993.43. The share price of the company later ended 0.59 per cent down at Rs 2105.55
The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 2,340.10 on 07-Aug-2015 and a 52 week low of Rs 1,518.70 on 27-Apr-2015.
Last one week high and low of the scrip stood at Rs 2,149.95 and Rs 2,032.00 respectively. The current market capitalisation of the company is Rs 27,743.42 crore.