The company has clarified that Rani Kapur has had no role in the Sona Comstar 'since at least 2019', and denied that later Sunjay Kapur's mother was coerced into signing any documents. The company added that recent appointments on the board were 'ratified by an overwhelming majority' of shareholders.
The company reported a 34 percent on-year rise in net profit at Rs 124 crore, while total revenue climbed 20 percent to Rs 787 crore
Apart from Infosys, ICICI Pru Life's prominent additions were Sona BLW Precision (Rs 200 crore) and Bajaj Finance (Rs 182 crore).
The deal will be managed by investment bank JM Financial at a floor price of Rs 400 per share, as per the CNBC TV-18 sources.
The sell-off has not stopped analysts from voicing their optimism for the stock. Some have also upgraded their rating on the counter arguing the sell-off in the stock is perhaps the best time to accumulate the stock.
Blackstone, which holds 34.12 percent stake in the Indian auto ancillaries company, will likely sell a 13.6 percent stake
SBPFL has already attained a leading position in the global electric differential assembly market, and continues to aggressively target new products/ customers for multi-fold growth