InvestorQ : Can you tell me about the block sale in Sona BLW counter on Thursday?
Lavanya Subramanian made post

Can you tell me about the block sale in Sona BLW counter on Thursday?

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Anamika Sodhani answered.
2 months ago
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The promoter of Sona BLW, the auto component manufacturer promoted by Sanjay Kapur, has seen a major block sale. Blackstone, one of the promoters of the Sona BLW Auto Forgings on Thursday divested 13.6% stake in Sona BLW Auto Forgings for a total consideration of for Rs4,044 crore. However, there was substantial demand for the stock in the stock market. In fact, substantial chunk of the supply was picked up by the Government of Singapore (a sovereign fund) and SBI Mutual Fund, among others.

The US based private equity giant, Blackstone, sold a total of 7.94 crore shares in the company representing 13.6% stake in the company. The sale was done at an average price of Rs509.10, which represents a discount of 5.6% to the closing price of the stock on Wednesday, the day prior to the block deal. This stake sale will reduce the stake of Blackstone in Sona BLW from 34.12% to 20.52%. it may be recollected that Sona BLW had raised Rs5,550 crore through its IPO in June 2021 through an offer for sale (OFS).

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