Johannesburg - Santam [JSE:SNT] shares fell as much as 1.8% after Investec Bank sold stock in the insurer at a 1.4% discount to the closing price on Wednesday.
Investec sold 2.7 million shares through a book build at R215 each in a transaction worth R580.5m, Johannesburg-based Santam said in a statement. The offer was oversubscribed, it said.
Santam, South Africa’s largest property and casualty insurer, recovered somewhat to trade 0.92% lower at R216 at 10:33 on the JSE.
The company said on Wednesday it would buy back shares held by black-empowerment partner Central Plaza Investments valued at about R801m.