Blackstone to sell Rs 4,000 crore Sona stock – Times of India

MUMBAI: US private equity major Blackstone launched a block deal to offload 13.6% in Sona BLW Precision Forgings that could fetch the seller about Rs 4,000 crore. This comes just a day after two block deals together worth about Rs 11,500 crore were executed on the BSE.
On Tuesday, KKR, another US-based PE giant, had sold about 27% in Max Healthcare Institute to mobilise about Rs 9,200 crore. In another deal, the UK’s ABRDN Investment Management (formerly Standard Life Investment of UK) sold 5.6% in HDFC AMC and got a little over Rs 2,300 crore.
According to market sources, Singapore VII Topco III, an arm of Blackstone, intends to sell nearly 8 crore shares of the company. The term sheet for the deal, without mentioning the name of the seller, said that the per-share price in the bock will be at least Rs 500, a 7.2% discount to the stock’s Wednesday closing. The base offer is for 6.4 crore shares while there is an option to offload another block of nearly 1.6 crore shares, in case of higher demand from prospective buyers. Together, the block represents 13.6% of the company’s equity, the term sheet showed.
Sona BLW went public in June 2021 during which Blackstone had offloaded shares worth about Rs 5,200 crore by offloading about 32% from its pre-IPO holding. As of June-end, Blackstone’s stake in the company was 34.1%. Nomura Financial Advisory & Securities (India) is the broker for the deal.