Shares of HDFC Life Insurance Company (HDFC Life) were up 1 per cent, while Sona BLW Precision Forgings (Sona Comstar) slipped 6 per cent on the bourses in Wednesday’s intra-day trade after huge block deals were executed at these counters.
Shares of Sona Comstar dipped 6 per cent to Rs 503 on the National Stock Exchange (NSE) in intra-day trade after around 23.7 million equity shares representing 4 per cent of total equity of Sona Comstar changed hands on the NSE, the exchange data shows. The names of buyers and sellers were not ascertained immediately. At 09:26 AM; the stock was trading 4 per cent lower at Rs 512.35 on the NSE.
As per media sources, promoters of Sona Comstar were likely to sell 3.25 per cent stake in the company at around Rs 500 per share vis the block deal mechanism on stock exchanges today. Total deal size was pegged at Rs 960 crore. As on March 31, 2023, promoters held 33 per cent stake in the company.
Sona Comstar is primarily engaged in designing, manufacturing, and supplying highly engineered, mission-critical automotive systems and components to automotive OEMs. Sona Comstar is a leading supplier to the fast-growing global Electric Vehicle (EV) market.
Meanwhile, shares of HDFC Life were up 1 per cent to Rs 602.75 on the BSE in intra-day trade. Around 35.86 million shares representing 1.7 per cent of total equity of insurance company changed hands on the BSE, the exchange data shows. The names of buyers and sellers were not ascertained immediately.
As per reports, Abrdn was likely to sell 1.66 per cent equity stake (35.7 million shares) in HDFC Life Insurance company via block deal on May 31, 2023. With this stake sell, Abrdn will completely exit its stake in HDFC life insurance.
The share will be offered at Rs 563-585 / share (compared with Tuesday’s closing price of Rs 585). At the upper band, the deal would fetch around Rs 2,088 crore. In September 2022 also, Abrdn sold 2 per cent stake in Insurance company post which its stake came down to 1.66 per cent from 3.7 per cent, ICICI Securities said in a note.
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