PG Electroplast Block Deal: Singapore Government, Motilal Oswal Buy Shares From Promoter
The shares were acquired for Rs 754.8 apiece.
The Government of Singapore and Motilal Oswal Asset Management Co. bought PG Electroplast Ltd. shares in large deals on Tuesday after the promoter Gupta family reduced their equity holding.
The Singapore government picked up 38.18 lakh shares or 1.35% stake for an aggregate amount of Rs 288 crore, according to bulk deal data available on the BSE. The shares were purchased at Rs 754.8 apiece.
Motilal Oswal AMC purchased 15.9 lakh shares, amounting to a 0.56% stake in the company, for Rs 120 crore. The shares were acquired for Rs 754.8 apiece.
A flexi-cap mutual fund run by the firm held 2.65% equity, as per the latest shareholding data available on the BSE.
Meanwhile, promoters sold a 5.3% stake in PG Electroplast for Rs 1,133 crore. They include Vikas Gupta, Anurag Gupta and Vishal Gupta who offloaded 50 lakh shares each in the price range of Rs 754.83 to Rs 755.73.
The promoter group had offered 1.59 crore shares representing a 5.6% stake, according to terms reviewed by NDTV Profit.
The Gupta family holds 49.37% equity in the consumer electronics manufacturer.
Shares of PG Electroplast settled dipped 0.14% lower at Rs 765 on the BSE, compared to 0.76% fall in the benchmark Sensex. The stock has risen 200% in the last 12 months and fallen 24% so far this year.
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%.
