The promoter Gupta family of PG Electroplast Ltd. is set to sell shares worth Rs 1,177 crore via open market transactions on Tuesday.
The promoter group will offer 1.59 crore shares representing a 5.6% stake, via block deal window, according to terms reviewed by NDTV Profit. The floor price for the PG Electroplast block deal is set at Rs 740 per share, a 4% discount to Monday's closing.
The sellers include Anurag Gupta, Vishal Gupta, Vikas Gupta, Pranav Gupta, Aditya Gupta, Raghav Gupta, Vatsal Gupta, Vrinda Gupta and Shraddha Gupta.
There will be a 180-day lock-up for the promoter group's balance shares.
The Gupta family holds 49.37% equity in the consumer electronics manufacturer, as per the latest shareholding data available on the BSE.
PG Electroplast led growth in the electronics manufacturing services industry after its consolidated net profit jumped twofold to Rs 146.38 crore in the fourth quarter. Strategic expansion in products and capacity helped PG Electroplast in the March quarter.
The company's growth prospectus remained positive due to ongoing client additions and new stock-keeping unit launches, said Anand Rathi Research. In the current financial year, the company will see elevated capital expenditure.
Shares settled 1% lower at Rs 766.05 apiece on the BSE, ahead of the block deal news, compared to a 0.56% gain in the benchmark Sensex. The stock has risen 200% in the last 12 months and fallen 24% so far this year.
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