Santam Ltd. shares fell as much as 1.8 percent after Investec Bank Ltd. sold stock in the insurer at a 1.4 percent discount to the closing price on Wednesday.
Investec sold 2.7 million shares through a bookbuild at 215 rand each in a transaction worth 580.5 million rand ($49 million), Johannesburg-based Santam said in a statement. The offer was oversubscribed, it said.
Santam, South Africa’s largest property and casualty insurer, traded 1.4 percent lower at 215 rand at 9:31 a.m. in Johannesburg. The company said on Wednesday it would buy back shares held by black-empowerment partner Central Plaza Investments valued at about 801 million rand.