Final Up to date: March 14, 2023, 14:52 IST
Sona Comstar (Consultant picture)
Sona Comstar was fashioned by the merger of Sona BLW Precision Forgings Ltd. and Comstar Automotive Applied sciences Pvt. Ltd. in 2019
Shares of Sona BLW Precision Forgings (Sona Comstar) rallied 8 per cent to Rs 436.25 in Tuesday’s intra-day commerce on BSE, a day after the American personal fairness agency Blackstone bought its total 20.5 per cent stake for about Rs 4,916 crore through a block deal.
Personal fairness agency Blackstone, which held a stake in Sona BLW via an entity referred to as Singapore VII Topco III PTE Ltd, bought almost 12 crore shares within the firm for Rs 4,917 crore on Monday within the open market at a mean value of Rs 410.04 apiece.
The scrip began buying and selling greater on Tuesday’s intraday commerce after overseas buyers, mutual funds, sovereign wealth funds and insurance coverage corporations purchased Blackstone’s 20.5 per cent stake.
A number of the marquee patrons on this deal had been the Authorities of Singapore, Societe Generale, Constancy Asian Values Plc, BNP Paribas Arbitrage and the Financial Authority of Singapore. Amongst mutual funds who purchased stake included HDFC Mutual Fund and ICICI Prudential.
Earlier than this transaction, Aureus Funding and Blackstone held 33 per cent and 20.5 per cent, respectively, of Sona Comstar.
Promoters and promoter teams maintain a 53.53 per cent stake within the firm, whereas 46.47 per cent rests with the general public. Among the many public shareholders, mutual funds personal about 21.78 per cent, and overseas buyers have a stake of 11.06 per cent. Each promoters and FIIs have diminished their shareholding marginally within the December quarter.
Sona Comstar was fashioned by the merger of Sona BLW Precision Forgings Ltd. and Comstar Automotive Applied sciences Pvt. Ltd. in 2019. Sona Comstar is a traction motor and motor-controller provider to electrical two-wheelers.
Sona Comstar was fashioned by the merger of Sona BLW Precision Forgings Ltd. and Comstar Automotive Applied sciences Pvt. Ltd. in 2019. Sona Comstar is a traction motor and motor-controller provider to electrical two-wheelers.
Brokerage agency CLSA maintained its purchase score on the inventory however reduce its value goal to Rs 529 from Rs 566 earlier. The agency stated that Sona BLW has a really sturdy order e book and their EBITDA margin might enhance led by the PLI scheme and product combine. The be aware additional added that the exit of Blackstone won’t change their thesis on the corporate.
Sona BLW reported its highest ever quarterly income and web revenue within the December interval.
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