According to a report by Moneycontrol, the promoter group and family members of Polycab India, a provider of electrical solutions, plan to sell a 2.04 percent stake in the company via a block deal, potentially raising up to $257 million at the upper end of the price range. The block deal, advised by investment bank Jefferies, is being viewed as a liquidity event for the promoter group.
Currently, the promoter group holds a 65.24 percent stake in Polycab India, as per exchange filings. The company’s share price has increased by 28.73 percent over the past six months. The offer price range for the stake sale is set at a 0 percent to 6.5 percent discount to the last closing price of Rs 6,989.25 per share, with a lock-up period of 90 days, according to the report.
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