Sona BLW Precision Forgings shares fell over 6 per cent today after Blackstone sold 16 per cent of its 16 per cent stake in the global automotive technology company. Blackstone is estimated to have raised Rs 4,000 crore through the transaction.
Sona BLW Precision Forgings stock dropped 6.33 per cent to Rs 505 against the previous close of Rs 539.10 on the BSE.
The shares have gained 10.36 per cent in a year, but lost 29.62 per cent this year.
The stock hit a 52 week high of Rs 839.15 on December 14, 2021 and a 52 week low of Rs 437.70 on August 23, 2021.
Total 965.36 lakh shares of Sona BLW Precision Forgings changed hands, amounting to a turnover of Rs 4,922. There were 73 crore on the BSE. The firm's market cap fell to Rs 30,552 crore on the BSE.
Sona BLW Precision Forgings share price was 3 per cent lower at Rs 522.85.
Singapore VII Topco III PTE held 34.12 per cent or 19.93 crore shares in the firm at the end of June 2022, according to the shareholding data.
Nomura is the sole broker involved in the deal.
Sona BLW made its market debut in June 2021. During the IPO, Singapore VII Topco III offloaded half of its stake, worth Rs 5,250 crore. The stake of the Blackstone-backed firm fell to 34.18 per cent from 66.28 per cent at the time of the offer for sale OFS.
Sona BLW shares fell 5.5 percent against the previous BSE close on August 17, at Rs 539.10 on the BSE. The net profit of Sona BLW Precision Forgings fell 7.77 per cent to 75.84 crore in June against the 82.23 crore profit in the corresponding quarter of the previous fiscal year.
Sales grew 17.67 per cent to Rs 589.22 crore in Q1 against 500.75 crore in the June quarter of last fiscal. The operating profit grew by 2.71 per cent to Rs 142.51 crore in the June quarter against Rs 138.75 crore profit in the previous fiscal year.
Sona BLW Precision Forgings is engaged in the production of differential assemblies, differential gears, conventional and micro-hybrid starter motors, belt starter generator BSG systems, electric vehicle EV traction motors such as brushless direct current BLDC and permanent magnet synchronous motors PMSM and motor control units. Its driveline technology products include precision forged gears, forged couplings and e-drive.