Sumitomo Wiring to offload 4.5% stake in Samvardhana Motherson via block deal

6 Mar 2024 , 10:43 AM

According to reports cited by CNBC Awaaz on March 5, Sumitomo Wiring, a promoter entity in the automotive manufacturer Samvardhana Motherson, is expected to dump a 4.5% stake through a block trade.

According to the report, Sumitomo Wiring would sell almost 30 Crore shares through the block deal.

According to news reports, the floor price for the block purchase is fixed at ₹121–122 per share, as reported by the news channel. This would be 2.5–3.5% less than what the market price would be.

The article further stated that JP Morgan and ICICI Securities would be the brokers to the deal.

During the March 5 trading session, Samvardhana Motherson’s shares saw a little increase. The share closed at ₹125.25 on the BSE, up 4.86% from the finish of the previous day.

The manufacturer of car components reported a combined net profit of ₹633.3 Crore for the quarter that ended in December 2023, representing an increase of 26.5% year over year. With activities, the company’s revenue of ₹25,697.6 Crore was up 26.8% from the same period in the previous fiscal year.

For feedback and suggestions, write to us at [e-mail]