Major Stake Acquisition: Tata AIA and Aranda Investments Secure 1.4% in SBFC Finance

Tata AIA Life Insurance and Aranda Investments acquired 1.53 crore shares of SBFC Finance from MIT. The shares, representing a 1.4% stake, were bought for Rs 161 crore at Rs 105.14 per share, with the transaction occurring on the NSE.

Tata AIA Life Insurance Company, in collaboration with Aranda Investments, a Temasek Holdings affiliate, has obtained a substantial stake in SBFC Finance. The duo purchased 1.53 crore shares, equating to a 1.4% stake in the company, from Massachusetts Institute of Technology (MIT) for a total of Rs 161 crore.

The transaction details, available on the National Stock Exchange, reveal that Tata AIA acquired 82.31 lakh shares, while Aranda Investments bought 71.33 lakh shares. The average price per share was Rs 105.14, bringing the overall purchase to Rs 161.54 crore.

MIT unloaded its shares through its affiliates at the same per-share price. Following the transaction, SBFC Finance's shares increased by 0.44%, concluding at Rs 105.60 on the NSE.

(With inputs from agencies.)