 "Blackstone sells 13.6% stake in auto component maker Sona BLW for Rs 4k cr")
Private equity firm Blackstone on Thursday divested 13.6 per cent stake in auto component maker Sona BLW Precision Forgings Ltd for over Rs 4,000 crore through open market transactions.
The shares were picked up by the Government of Singapore and SBI Mutual Fund among others, bulk deal data with the BSE showed.
Blackstone, which holds a stake in Sona BLW through an entity called Singapore VII Topco III PTE. Ltd, offloaded a total of 7.94 crore shares or 13.6 per cent stake in the company, the data showed.
The stocks were sold on an average price of Rs 509.10 on the BSE, a discount of 5.6 per cent from Wednesday's closing price of Rs 539.10.
At this price, the transaction size is aggregated to Rs 4,044 crore.
As of June quarter, Blackstone, which is one of the promoters of Sona BLW, owned 19.93 crore shares, amounting to 34.12 per cent stake in the company, shareholding pattern with the BSE showed.
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Following the transaction, Sona BLW share dropped 4 per cent to settle the trade at Rs 517.40 on BSE on Thursday. During the trading session, the stock touched a low of Rs 505 and a high of Rs 534.
Sona BLW raised Rs 5,550 crore through its Initial Public Offering (IPO) in June 2021 and in the IPO, Singapore VII Topco III Pte Ltd, an affiliate of the Blackstone Group Inc, sold shares worth up to Rs 5,250 crore.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)