The promoter group and family members of electrical solutions provider Polycab India is planning to sell part stake of 2.04 percent for upto $257 million (at the upper end of price range) via a block deal, sources in the know told Moneycontrol on the condition of anonymity.
The block deal has been launched and investment bank Jefferies is acting as the advisor, one of the persons above added.
"It’s a liquidity event for the promoter group," a second person said without elaborating further.
The promoter group of Polycab India currently holds 65.24 percent in the company, according to exchange filings. The firm’s share price has risen by 28.73 percent in the last six months.
The offer price range for the trade is 0 percent to 6.5 percent discount to the last closing price of Polycab India, Rs 6,989.25 per share and the lock-up period is 90 days, according to the deal term sheet reviewed by Moneycontrol.
Polycab India and Jefferies couldn’t be reached for an immediate comment.
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