Blackstone sells entire stake in Sona BLW Precision for Rs 4,916 cr via block deal

Blackstone has offered its complete 20.5% stake in Sona BLW Precision Forgings for approximately Rs 4,916 crore by means of a block deal on Monday. Blackstone, thru its subsidiary, Singapore VII Topco III Pte Ltd, offloaded about 11,99,25,641 stocks at a value of Rs 410 according to unit, in keeping with the information to be had with the exchanges.

The sale came about at a bargain of 6% over the day before today’s last worth. On Monday, the corporate’s inventory closed 6.06% decrease at Rs 409.85 at the NSE.

Shares of Sona BLW have been below drive for the previous few days, reacting to experiences of a block deal. In the closing 5 days, the inventory has misplaced about 10.66%.

Under the block deal, the Monetary Authority of Singapore has purchased 0.98% stake within the corporate, whilst the Govt of Singapore purchased 4.14%. Top fund homes BNP Paribas, ICICI Prudential and HDFC Mutual Fund have purchased 1.24%, 0.68% and zero.62% respectively. Other patrons come with Fidelity (1.94% stake) and Societe Generale (1.54% stake).

Blackstone has held about 34% stake in Sona BLW submit the IPO, but it surely has pared the stake in a couple of tranches, bringing down the stake to twenty.5%

Promoters and promoter teams grasp 53.53% stake within the corporate, whilst 46.47% rests with the general public. Among the general public shareholders, mutual finances personal about 21.78% and international buyers have a stake of eleven.06%. Both promoters and FIIs have decreased their shareholding marginally within the December quarter.

Sona BLW Precision Forgings is an car techniques and elements producer, providing differential assemblies, gears, standard and micro-hybrid starter motors, BSG techniques, EV traction motors, and motor keep an eye on devices.According to the Trendlyne information, the corporate has a median goal worth of Rs 572, appearing an upside of 41% from the present ranges.

The corporate has reported its best possible quarterly income, EBITDA and web benefit within the 3rd quarter. Its income grew 39% year-on-year within the mentioned quarter, pushed via the scale-up of income from new methods. The corporate’s benefit rose 45% year-on-year to Rs 107 crore in the similar duration.

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