Shares of Samvardhana Motherson fell 3.2 percent to Rs 121 on March 6 after a block deal involving 32.2 crore shares or a 4.7 percent stake in the automobile component maker, was recorded on March 6. The total deal was valued at Rs 3,931 crore.
Moneycontrol was the first to report that Sumitomo Wiring, one of the promoter entities of Samvardhana Motherson, was planning to sell its stake in the company.
JP Morgan and ICICI Securities would be the brokers of the deal, CNBC-TV18 reported.
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At 9:20am, the stock was trading at Rs 122, down 2.6 percent from the previous close on the NSE. The stock has rallied over 57 percent in the last 12 months.
In the December quarter, the auto components maker reported a 26.5 percent year-on-year (YoY) increase in consolidated net profit at Rs 633.3 crore, while the company's revenue from operations rose 26.8 percent to Rs 25,697.6 crore as against Rs 20,267.2 crore a year back.
After the transaction, Sumitomo Wiring will have a lock-in for 270 days before the next sale. Based on the December quarter, Sumitomo Wiring held a 14.14 percent stake in Samvardhana Motherson, data from the stock exchange showed.
Sumitomo Wiring Systems is one of the world's largest companies in the production of wiring harnesses that connect a car's various devices and convey power and signals to the entire vehicle.
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