Got it working with below piece of code:
- (void)addShadowView {
self.hollowFrames = @[[NSValue valueWithCGPoint:CGPointMake(20.0, 20.0)], [NSValue valueWithCGPoint:CGPointMake(120.0, 20.0)]];
int radius = 15.0;
UIBezierPath *path = [UIBezierPath bezierPathWithRoundedRect:CGRectMake(0, 0, self.bounds.size.width, self.bounds.size.height) cornerRadius:0];
for (NSValue *point in self.hollowFrames) {
UIBezierPath *circlePath = [UIBezierPath bezierPathWithRoundedRect:CGRectMake(point.CGPointValue.x, point.CGPointValue.y, 2.0*radius, 2.0*radius) cornerRadius:radius];
[path appendPath:circlePath];
}
[path setUsesEvenOddFillRule:YES];
CAShapeLayer *fillLayer = [CAShapeLayer layer];
fillLayer.path = path.CGPath;
fillLayer.fillRule = kCAFillRuleEvenOdd;
fillLayer.fillColor = [UIColor blackColor].CGColor;
fillLayer.opacity = 0.5;
[self.layer addSublayer:fillLayer];
}