Samvardhana Motherson Block Deal: Promoter sells 4.4% stake, confirms CNBC-TV18 newsbreak
Samvardhana Motherson Block Deal | On Tuesday, March 5, CNBC-TV18 reported quoting sources that Sumitomo Wiring, one of the promoter entity of Samvardhana Motherson, the auto component manufacturer, was likely to sell 4.4% in the company via block deals.
As many as 33.2 crore shares of 4.91% equity of Samvardhana Motherson worth ₹4,046.7 crore changed hands in block deals on Wednesday, March 6.
Of this, promoter Sumitomo Wiring sold 4.4% stake in Samvardhana Motherson, the company said in a stock exchange filing later.
On Tuesday, March 5, CNBC-TV18 reported quoting sources that Sumitomo Wiring, one of the promoter entity of Samvardhana Motherson, the auto component manufacturer, was likely to sell 4.4% in the company via block deals.
Sources said the floor price of ₹118 was a discount of 6.5% to Tuesday's closing price for the stock. The deal size was likely to be $427 million, the sources added.
As per the December quarter shareholding pattern, Sumitomo Wiring held a 14.14% stake in Samvardhana Motherson. The report stated that post the transaction, Sumitomo Wiring would have a lock up for 270 days before the next sale.
Samvardhana Motherson shares were trading 2.83% lower at ₹121.9 apiece at 9.30 am on Wednesday, March 6..
First Published: Mar 6, 2024 9:22 AM IST
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