Polycab Shares Fall After Block Deals Worth ₹2,716 Crore; Promoters Likely Sellers
Shares of Polycab India Ltd. opened 4.3% lower on Friday following significant block deals, which involved a large trade in the wires and cables manufacturing company.
In a notable market move, shares of Polycab India Ltd. opened 4.3% lower on Friday after a substantial block deal. The trade, involving a significant chunk of the company's equity, comes amidst reports of promoters selling part of their stake. This activity has attracted considerable attention, reflecting Polycab's prominence in the wires and cables manufacturing sector and its recent market performance.
Key Highlights:
-
Block Deal Details:
- 40.5 lakh shares or 2.74% of Polycab's overall equity were traded.
- The average price per share was ₹6,708, leading to a total transaction value of ₹2,716.5 crore.
-
Promoters' Stake Sale:
- On Thursday, CNBC-TV18 reported that Polycab's promoters planned to sell up to 2.04% stake through block deals.
- The offer price ranged from ₹6,353 to ₹6,989.25 per share, which is a discount of up to 6.5% from the closing price on Thursday.
-
Lock-In Period:
- Following the sale, the selling shareholders will have a 90-day lock-in period during which they cannot sell additional shares.
-
Unknown Buyers and Sellers:
- The identities of the buyers and sellers in this transaction have not been disclosed officially.
-
Promoter Holdings:
- As of the end of the March quarter, Polycab's promoters held a 65.24% stake in the company.
Market Reaction:
Shares of Polycab were trading 4.3% lower at ₹6,688 on Friday. Despite this dip, the stock has risen 22% so far in 2024, recovering from previous losses incurred due to Income Tax department raids and subsequent clarifications.
Conclusion:
The recent block deal highlights the significant movement in Polycab's shares, driven by the promoters' decision to offload a portion of their stake. With the selling shareholder now under a 90-day lock-in period, investors will be closely monitoring Polycab's market performance and any further developments regarding its promoter holdings.
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