Sumitomo Wiring, one of the promoter entity of Samvardhana Motherson, the auto component manufacturer, is likely to sell 4.4% in the company via block deals on Wednesday, sources with knowledge of the matter told CNBC-TV18.
The floor price of ₹118 is a discount of 6.5% to Tuesday's closing price for the stock. The deal size is likely to be $427 million, sources said.
Based on the December quarter shareholding pattern, Sumitomo Wiring held a 14.14% stake in Samvardhana Motherson.
Post this transaction, Sumitomo Wiring will have a lock-up for 270 days before the next sale.
Samvardhana Motherson was part of CNBC-TV18's D-Street Chatter on Tuesday where it was reported that a large block deal is likely to take place in stocks like the auto component manufacturer and Zomato.
Zomato's block was launched on Tuesday evening as well. You can read more on that here.
Shares of Samvardhana Motherson ended 5.6% higher on Tuesday at ₹126.30. The stock has risen 51% over the last 12 months.
(Edited by : Shoma Bhattacharjee)
First Published: Mar 5, 2024 8:57 PM IST
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