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Blackstone Inc is seeking to raise as much as ₹3,180 crore ($400 million) through the sale of shares in automotive component maker Sona Comstar, according to terms of the deal seen by Bloomberg News.
An affiliate of the US firm is offering the shares in Sona BLW Precision Forgings Ltd., as it is formally known, at ₹500 each, the terms show. That’s a 7.2 per cent discount to Wednesday’s closing price.
If there’s enough investor demand, Blackstone could increase the deal size to ₹3,970 crore, according to the terms.
The Indian unit of Nomura Holdings is the sole placement agent of the deal. Books are set to close Thursday. The Blackstone-controlled entity held a 34.1 per cent stake in Sona as of June, according to data compiled by Bloomberg.
Sona’s initial public offering in June last year raised about ₹5,250 crore for the company and its shareholders, in a deal that saw more than twice as many subscriptions as there were available shares.
The IPO included a sale of new shares worth ₹300 crore, while Blackstone divested a portion of its stake. The company’s shares have rallied about 85 per cent since their debut.
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