Global Markets
Home›Global Markets›Emerging Markets›Sedemac Mechatronics stake sale could raise Rs1,329 cr…
Sedemac Mechatronics stake sale could raise Rs1,329 crore in block deal
The block deal targets up to 44.3 lakh shares, or about 10% of equity, with a floor price set at ₹3,000 per share.
Sedemac Mechatronics Ltd is set to see share activity after a potential block deal that could include the sale of an approximately 10% stake, sources cited by CNBC-TV18 said. Up to 44.3 lakh shares could be offered, aiming to raise about Rs1,329 crore, with a floor price fixed at ₹3,000 per share.
The proposed floor price implies a discount of up to 1.2% versus Sedemac Mechatronics’ prevailing market price, according to the report. Using the company’s Wednesday closing price of ₹3,035, the stock is trading about 124% higher than its IPO price of ₹1,352.
The sellers expected to be involved include A91 Emerging Fund, Xponentia Opportunities Fund, and HDFC Life Insurance Company, among others, the report said. Sedemac Mechatronics supplies control-intensive electronic control units for mobility and industrial applications.
The company serves customers including TVS Motor Company, Bajaj Auto, Kirloskar Oil Engines, Briggs & Stratton LLC, and DEIF India. Its revenue from operations is primarily tied to products incorporating control technologies developed in-house, which it says support proprietary solutions for OEM customers and end users.