Sona BLW Precision slips 6% after huge block deals
Published On: Thursday, August 18, 2022 | By: Team KnowMyStock
Shares of Sona BLW Precision Forgings (Sona Comstar) slipped 6 percent to Rs 505 on the BSE in Thursday’s intra-day trade after more than 100 million equity shares of the company changed hands via block deals. An affiliate of the US firm is offering shares in Sona BLW Precision Forgings Ltd, as Sona Comstar is formally known, at Rs 500 per equity. This is a discount of 7.2 percent on Wednesday’s closing price. The shares on sale amount to 79.43 million shares, or a 13.6 percent stake in Sona Comstar. Mint had reported on Wednesday that Blackstone will sell Sona BLW Precision’s shares worth Rs 3,971.7 crore in a block deal. If there’s enough investor demand, Blackstone could reportedly also increase the deal size to Rs 39.7 billion, according to the terms. Blackstone held 34.12% in Sona BLW as of 30 June 2022 after selling a large chunk of its shareholding worth ₹5,250 crores during the company’s initial public offering (IPO) in June last year.
Automotive technology firm Sona BLW Precision Forgings reported a net profit of ₹76 crore in the April-June quarter. The company's revenue during the first quarter of the current fiscal grew 18% to ₹589 crore, as compared to ₹500 crore in the corresponding quarter of the last fiscal, on the back of a 68% year-on-year growth in the Battery Electric Vehicle (BEV) business.
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