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    Sona BLW shares drop 6% as Blackstone sells stake in automotive technology firm

    Sona BLW shares drop 6% as Blackstone sells stake in automotive technology firm

    Sona BLW shares drop 6% as Blackstone sells stake in automotive technology firm
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    By CNBCTV18.com  IST (Updated)

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    Sona BLW share price: Blackstone is likely to raise Rs 4,000 crore through the transaction. Currently, Blackstone holds a 34.12 percent stake in Sona BLW.

    Shares of Sona BLW Precision Forgings (Sona Comstar) dropped more than 6 percent on Thursday after 10.2 crore shares, representing 17.4 percent equity worth Rs 5,200 crore, changed hands at Rs 510 per share.
    This implied an over 5 percent discount to the previous close of Rs 539.10.
    This comes after sources told CNBC-TV18 that the US-based private equity firm Blackstone was likely to sell a 13.6 percent stake in the automotive technology company by way of a block deal on Thursday.
    At 9:25 am, shares of the company were trading 4.8 percent lower at Rs 512.8 on the BSE. The stock has been losing for the past two days and has fallen over 10 percent during the period.
    The floor price for share sale has been fixed at Rs 500 per share, implying a 7 percent discount from the current market price.
    Blackstone currently holds 34.12 percent stake in Sona BLW.
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    Sona Comstar is of Indian origin and is a global automotive systems and components manufacturer with nine plants spread across India, China, Mexico and the US.
    The company has a sizeable presence in the electric vehicle (EV) space and has been increasing its presence.
    Source: Investor Presentation
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