Shares of Sona BLW Precision Forgings (Sona Comstar) slipped 6 per cent to Rs 505 on the BSE in Thursday’s intra-day trade after a more than 100 million equity shares of the company changed hands via block deals.
Till 09:30 am; a combined 126 million equity shares or 21.56 per cent of Sona Comstar total equity had changed hands on the BSE (92.24 million) and NSE (33.76 million shares), the exchanges data shows. At 09:15 am; 86.4 million equity shares representing 14.79 per cent of total equity of auto components & equipments company changed hands, data shows. The names of the buyers and sellers was not ascertained immediately.
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According to Bloomberg report, Blackstone Inc. is seeking to raise as much as Rs 3,180 crore ($400 million) through the sale of shares in Indian automotive component maker Sona Comstar. The private equity shareholders of the company are offering up to 79.43 million shares, or 13.6 per cent stake.
An affiliate of the US firm is offering the shares in Sona BLW Precision Forgings Ltd., as it is formally known, at Rs 500 each, the terms show. That’s a 7.2 per cent discount to Wednesday’s closing price, the report suggested. CLICK HERE FOR FULL REPORT
Meanwhile, in past six months, the stock has underperformed the market by falling 21 per cent, as compared to 3.8 per cent rise in the S&P BSE Sensex. Sona Comstar made a stock market debut on June 24, 2021. The company issued shares at price of Rs 291 per share. The stock hit a record low of Rs 295.15 on June 24, 2021 and a record high of Rs 839 on December 14, 2021.
Sona Comstar is one of the world’s leading automotive technology companies. Founded in 1995, it is headquartered in Gurugram, India and has emerged as a global supplier with nine manufacturing and assembly facilities across India, the USA, Mexico, and China.
Sona Comstar is primarily engaged in designing, manufacturing, and supplying highly engineered, mission-critical automotive systems and components to automotive OEMs. Sona Comstar is a leading supplier to the fast-growing global Electric Vehicle (EV) market.
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