Sona BLW Forgings plunges 6% after large deal; promoter likely seller

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May 31, 2023
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Shares of Sona BLW Forgings slumped nearly 6 percent in early trade on May 31 following a large deal on the bourses.

Around 2.1 crore shares, or a 3.7 percent stake, changed hands on the exchanges at Rs 507 per share, a discount of over 5 percent from Tuesday’s closing price. The total deal value was around Rs 1,093 crore.

Moneycontrol could not immediately identify the buyer and seller. However, reports from CNBC-TV18 said that it was likely the promoter Aureus Investment that had sold its stake.

At 9.42am, shares of Sona BLW Precision Forgings were trading with a cut of 3.86 percent at Rs 512.50 on the National Stock Exchange. The large deal also lifted volumes in the counter as three crore shares changed hands on the exchanges against the one-month daily traded average of 40 lakh shares.

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CNBC-TV18 has reported quoting sources on May 30 that Sona BLW’s promoter entity, Aureus Investment was looking to sell up 3.25 percent stake in the company at Rs 500 per share, worth a total of Rs 950 crore.

According to the auto component maker’s shareholding data as on March 31, promoter Aureus Investment held a 33 percent stake in the company.

Also Read: Blackstone divests 20.5% stake in Sona BLW Precision for Rs 4,917 cr

Back in March, another promoter of the company, American private equity fund Blackstone, had also sold its entire 20.50 percent stake in the company for Rs 4,917 crore. The stake was then picked up by the Government of Singapore, HDFC Mutual Fund, ICICI Prudential Life Insurance, Societe Generale, BNP Paribas Arbitrage, Fidelity Series Emerging Markets Fund, Fidelity Asian Values Plc, and Monetary Authority Of Singapore.

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