Morgan Stanley buys 17 mn shares of Axis Financial institution for Rs 2,083 cr by way of bulk deal | Information on Markets

US-based funding banking firm Morgan Stanley on Friday purchased 1.7 crore shares of personal sector lender Axis Financial institution for Rs 2,083 crore by an open market transaction.

Based on the majority deal knowledge accessible with the Nationwide Inventory Change (NSE), Morgan Stanley & Firm Worldwide Plc acquired 1,70,00,000 shares, amounting to a 0.5 per cent stake in Axis Financial institution.

The shares had been bought at a mean value of Rs 1,225.75 apiece, taking the transaction worth to Rs 2,083.77 crore.

Particulars of the sellers of Axis Financial institution’s shares couldn’t be ascertained.

Shares of Axis Financial institution fell 0.60 per cent to shut at Rs 1,232.10 per piece on the NSE.

 

On Wednesday, Axis Financial institution elevated its holding in Max Life to 19.99 per cent for Rs 336 crore.

After the stake buy, the mixture shareholding of Axis entities elevated from 19.02 per cent to 19.99 per cent.

Axis Financial institution and its two subsidiaries – Axis Capital Ltd and Axis Securities Ltd – had been allowed to collectively personal about 20 per cent in Max Life Insurance coverage by the Insurance coverage Regulatory and Improvement Authority of India (IRDAI).

The stake was acquired as a part of a deal closed in 2021 between Axis Financial institution and Max Life Insurance coverage.

First Revealed: Jun 21 2024 | 8:32 PM IST