Promoters to sell a 2.04% stake in Polycab India on Friday

Jaisinghani and family, promoters of electrical goods company Polycab India, are likely to sell a 2.04% stake in the company on Friday through block deals, according to a term sheet issued by Jefferies India.

The promoters will sell 30.70 lakh shares in the price range of Rs 6,535 to Rs 6,985.25, according to the term sheet. At the upper end of the offered price, the deal is valued at approximately $257 million or Rs 2,145 crore. The offer price range for the trade is a 0 to 6.5% discount to Thursday's closing price.

The promoters owned a 65.24% stake in the company as of March 31, 2024. Shares of Polycab have rallied 28% so far this year, compared to a 10% gain in the Sensex.