CDIC buys 5% Aviva NDB Insurance stake from NDB

Newly-restructured CDIC on Wednesday bought a 5% stake in Aviva NDB Insurance from parent NDB Bank for Rs. 304.5 million.

This stake amounted to 1.5 million shares at Rs. 203 per share.

NDB-Aviva joint venture Aviva NDB Finance Lanka owns an 87.27% stake in the leading insurance firm.

The stock price of Aviva NDB yesterday closed at Rs. 207.50 after hitting a high of Rs. 210 and a low of Rs. 205. Aviva NDB Insurance declared a Rs. 9 first and final dividend for 2011.

Recently NDB divested NDB Investment Bank and NDB Stockbrokers to CDIC, in which it owns 99.6%.