Honda sets secondary share sale price at 3% discount in $3.16 billion deal

Honda Motor (7267.T), opens new tab has priced shares in a secondary share sale at 1,664.5 yen each, or a 3% discount to Wednesday’s closing price, valuing the deal at 497 billion yen ($3.16 billion), the automaker said.

The amount includes an overallotment triggered depending on demand.

Those selling – insurers and financial firms including Tokyo Marine (8766.T), opens new tab, Sompo and Mitsubishi UFJ (8306.T), opens new tab – aim to sell as many as 300 million Honda shares. Reuters first reported the insurers’ plan earlier this month.