You are here: Home » Companies » News
For streaming to be same size as TV, discipline is must: Sameer Nair
Apollo Tyres' grip remains strong in Q1 on easing commodity prices
Business Standard

Blackstone to sell Sona BLW's shares worth nearly Rs 4,000 cr on Thursday

About 13.6% stake in Sona BLW Precision Forgings is likely to be sold via block deals on Thursday

Blackstone | Sona BLW Precision Forgings Ltd.


Sona Comstar

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, according to terms of the deal seen by Bloomberg .

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% discount to Wednesday’s closing price.

If there’s enough investor demand, could increase the deal size to Rs 3,970 crore, according to the terms. About 13.6% stake in Sona BLW Precision Forgings is likely to be sold via block deals on Thursday. As per sources, the private equity shareholders of the company are offering up to 79.43 million shares, or 13.6% stake. Shares of Sona BLW fell 5.5% to finish at Rs 539 on Wednesday.

The Indian unit of Nomura Holdings Inc. is the sole placement agent of the deal. Books are set to close Thursday. The Blackstone-controlled entity held a 34.1% stake in Sona as of June, according to data compiled by Bloomberg.

Sona’s initial public offering in June last year raised about $776 million for the company and its shareholders, in a deal that saw more than twice as many subscriptions as there were available shares.

The company’s shares have rallied about 85% since their debut.

Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Wed, August 17 2022. 20:31 IST