Belrise Industries Shares Hit Life High Post Major Bloc Deals
The company recorded a large trade of 5.8 crore shares during early trade.
Belrise Industries Ltd.’s shares hit life high on Tuesday after multiple bloc deals. The stock climbed over 13% to reach Rs 179.90 per share.
Sources told NDTV Profit that Sumedh Tools Pvt., part of the promoter group was looking to make an exit through Rs 897 crore deal.
Notably, the company recorded a large trade of 5.8 crore shares during early trade, the seller currently remain unknown but Sumedh Tools had planned to sell 5.83 crore shares, representing 6.56% stake, in a deal on Tuesday. The floor price was set at Rs 153.70 per share, indicating a 2.94% discount to the current market price of Rs 158.36.
Belrise Industries is an automotive component manufacturer offering a range of safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agricultural vehicles.
Its product portfolio includes metal chassis systems, polymer components, suspension systems, body-in-white components and exhaust systems. The company's products are largely agnostic to vehicle powertrain types, enabling it to serve both electric vehicles and internal combustion engine vehicles.
Belrise Industries' IPO, which closed on May 23, was subscribed 41.3 times. Bids were led by institutional investors (108 times), retail investors (4.27 times), non-institutional investors (38.33 times). The offer consisted of an issue of fresh shares worth Rs 2,150 crore.
The company had debuted on the National Stock Exchange at Rs 100 apiece, a premium of 11.11% over the issue price of Rs 90. Share price on BSE debuted at Rs 98.50, a premium of 9.44%.
