Shares of Sona BLW Precision Forgings Ltd. gained the most in over seven weeks, after Blackstone sold its entire stake of 20.5% in the company to a set of marquee investors.
Blackstone sold its stake to the Government of Singapore, Fidelity, FMR, ICICI Prudential Life Insurance, and HDFC MF via bulk deals in the open market.
Before this transaction, Aureus Investment and Blackstone held 33% and 20.5%, respectively, of Sona Comstar.
Sona Comstar was formed by the merger of Sona BLW Precision Forgings Ltd. and Comstar Automotive Technologies Pvt. Ltd. in 2019. Sona Comstar is a traction motor and motor-controller supplier to electric two-wheelers.
"Blackstone is blessed to have been part of the Sona Comstar journey for the past five years," said Amit Dixit, head of Blackstone Private Equity in Asia in a statement. "Sanjay Kapur has been a terrific partner to us and minority shareholders. The management team led by Vivek Vikram Singh has done an outstanding job in building one of India's largest electric vehicle component suppliers," he said.
Sanjay Kapur is the chairman of Sona Comstar while Vivek Vikram Singh is the managing director and chief executive of the company.
Shares of the company gained 6.50% to Rs 432.60 apiece as of 10:50 a.m., compared with a 0.35% decline in the benchmark Nifty 50.
The total traded volume so far in the day stood at 7.6 times its 30-day average. The relative strength index was at 41.2.
Out of the 15 analysts tracking the company, 10 maintain a 'buy' rating, two recommend a 'hold' and three suggest 'sell', according to Bloomberg. The 12-month consensus price target implies an upside of 27.3%
Source: Bloomberg, Exchange filing
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