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Blackstone to sell entire 20.5% stake in Sona BLW: Report


Blackstone will sell its whole 20.5% stake in Sona BLW Precision Forgings through a block transaction at a floor price of 400 per share, according to a report from CNBC. Blackstone, through a company named Singapore VII Topco III PTE. Ltd., owns a stake in Sona BLW.

Blackstone, one of Sona BLW’s promoters, owned 11,99,25,641 shares as of the December 2022 quarter, equaling a 20.50% stake in the company, according to shareholding data from the BSE. With its Initial Public Offering (IPO) in June 2021, Sona BLW raised 5,550 crore. Singapore VII Topco III Pte Ltd, a subsidiary of Blackstone Group Inc., sold shares valued up to 5,250 crore through fresh issue of equity shares of up to 300 crore. 

Sona BLW Precision Forgings, a manufacturer of automotive components, reported a 24% rise in its consolidated net profit for the third quarter ended December 31, 2022, to 107 crore, compared to a net profit of 86 crore in the October-December quarter of the previous fiscal. According to the company, revenue from operations rose to 675 crore during Q3FY23 against 486 crore during Q3FY22.

On Friday, the shares of Sona BLW Precision Forgings closed on the NSE at 436.90 apiece level, down by 2.15% from the previous close of 446.50. The stock recorded a total volume of 12,05,611 shares compared to a 20-Day average volume of 6,49,826 shares. In the last 1 year the stock has fallen 28.72% and on a YTD basis it has gained 4.22% so far in 2023. The stock touched a 52-week-high of 706.60 on (21-Mar-2022) and a 52-week-low of 398.05 on (26-Dec-2022). 

During Q3FY23, the company recorded a promoter shareholding of 53.53%, FIIs stake of 11.27%, DIIs stake of 24.37% and a public stake of 10.83%. According to Trendlyne data, promoters’ shareholding in Sona BLW Precision Forgings diminished from 53.59% in the September 2022 quarter to 53.53% in the December 2022 quarter, while FII/FPI holdings lowered from 11.56% to 11.27%, mutual funds’ holdings risen from 21.03% to 21.78%, and institutional investors’ holdings shrunk from 36.08% in Q2FY23 to 35.64% in Q3FY23.

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