Blackstone sells remaining 20.50% stake in Sona BLW for Rs 4,917 crore

14 Mar 2023 , 10:14 AM

On Monday, American private equity firm Blackstone sold its remaining 20.50% stake in Sona BLW Precision Forgings to a group of investors for Rs 4,917 crore. On the BSE, shares were sold at an average price of Rs 410, a 6% discount from Friday’s closing price of Rs436. 

Sona BLW stock, which had dropped 34% in the previous year, ended 6.9% lower at Rs 406 on Monday.

According to bulk deal data on the BSE, the shares were purchased by the Government of Singapore, HDFC Mutual Fund, BNP Paribas Arbitrage, Societe Generale, Fidelity Series Emerging Markets Fund, Fidelity Asian Values Plc, ICICI Prudential Life Insurance, and the Monetary Authority of Singapore.

Blackstone sold 79.4 million shares, or 13.6% of the company, for Rs 4,044 crore in August. These shares were owned by a company called Singapore VII Topco III PTE.

Sona BLW issued its first public offering in June 2021 at an issue price of 291 to raise Rs5,550 crore. The IPO included a new issue of Rs300 crore shares and a Rs5,250 crore offer for sale by the Blackstone Group.

Following this development, Sona BLW’s stock on Tuesday were trading 4.17% higher at Rs423.15, against its previous close of Rs406.20 on NSE.

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