Blackstone exits Sona BLW, sells 20.5% stake

Mumbai: American private equity fund Blackstone has sold its remaining 20.50% stake in Sona BLW Precision Forgings for ₹4,917 crore to a clutch of investors on Monday. Shares were sold at an average price of ₹410 on the BSE, a discount of 6% from Friday's closing price of ₹436. The Sona BLW stock, which declined 34% in the last year, ended 6.9% lower at ₹406 on Monday.

The shares were picked up by the Government of Singapore, HDFC Mutual Fund, ICICI Prudential Life Insurance, Societe Generale, BNP Paribas Arbitrage, Fidelity Series Emerging Markets Fund, Fidelity Asian Values Plc, and Monetary Authority Of Singapore, bulk deal data on BSE showed. Last August, Blackstone sold 79.4 million shares or 13.6% stake in the company for ₹4,044 crore. These shares were held through an entity called Singapore VII Topco III PTE.

Sona BLW launched its maiden public issue in June 2021 at an issue price of ₹291 to raise ₹5,550 crore. The IPO comprised a fresh issue of shares amounting to ₹300 crore and an offer for sale of ₹5,250 crore by the Blackstone Group.