Premier Energies Block Deal: US-Based Investor To Reduce Stake For At Least Rs 2,630 Crore
US-based GEF Capital Partners affiliate South Asia Growth Fund II Holdings has offered to sell up to 2.5 crore shares representing a 5.6% stake.
A prominent foreign shareholder of Premier Energies Ltd. is set to reduce its equity holding by selling shares via open market transactions on Tuesday.
US-based GEF Capital Partners affiliate South Asia Growth Fund II Holdings has offered to sell up to 2.5 crore shares representing a 5.6% stake in the company via block deals, according to Bloomberg News.
The floor price has been set at Rs 1,051.5 per share, a 1% discount to Monday's close of Rs 1,062.1 on the NSE. The deal aggregates to Rs 2,630 crore on the base price.
IIFL Capital Services Ltd. is the manager of the Premier Energies block deal.
The US firm owned 11.1% equity in the company as of March, according to BSE shareholding data.
South Asia Growth Fund II is a private equity fund investing in renewable energy, energy efficiency, resource/efficiency, waste recovery and climate tech/digital solutions and software and tech services industries. The fund makes investments within India.
GEF Capital Partners has investments in e-bike components manufacturer Hero Motors Ltd. and Pune-based Electra EV, according to its website.
Shares of Premier Energies settled 2.5% higher at Rs 1,062.2 apiece on the NSE, compared to a 0.4% advance in the benchmark Nifty 50. The stock has risen 29% in the last 12 months but has fallen by 19% so far this year.
