PG Electroplast Share Price Slips As Promoter Plans Rs 1,177-Crore Stake Sale

Share price of multibagger PG Electroplast Ltd. dipped over 2% in trade on Tuesday morning, as the company's promoter, the Gupta family, is set to offload shares worth Rs 1,177 crore via open market transactions.

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.

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.

The sellers include Anurag Gupta, Vishal Gupta, Vikas Gupta, Pranav Gupta, Aditya Gupta, Raghav Gupta, Vatsal Gupta, Vrinda Gupta and Shraddha Gupta.

The scrip fell as much as 2.13% to Rs 755.10 apiece. It pared losses to trade 0.17% lower at Rs 770.25 apiece, as of 09:47 a.m. This compares to a 0.81% decline in the NSE Nifty 50.

It has fallen 21.35% on a year-to-date basis, but has returned a solid 199.17% in the last 12 months. The relative strength index was at 68.99.

Out of 11 analysts tracking the company, seven maintain a 'buy' rating, three recommend a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 33%.