Promoters of Dabur India Ltd could promote a small stake valued at ₹820 crore within the packaged items firm by way of a block deal on Tuesday, two folks conscious of the matter mentioned.
The transaction is predicted to happen at a 4% low cost to the inventory’s Monday closing worth of ₹588.65, one of many folks mentioned, requesting anonymity. A 4% low cost implies a worth of ₹565. Mint couldn’t instantly confirm the rationale Dabur’s promoter household is promoting the stake.
The transaction will see the Burman household offload round 0.78% of their stake within the firm, which is valued at ₹1.04 trillion.
Dabur promoters personal 67.24% of the corporate, whereas the remainder is with the general public, together with 20.24% held by overseas portfolio buyers.
Goldman Sachs is managing the transaction.
A spokesperson for Goldman Sachs and a member of the Dabur household didn’t instantly reply to a request for touch upon Monday night.
The Burmans acquired 14.3% of Eveready Industries in June, elevating their shareholding within the firm to 38.3%. Because of this, they’re the only largest shareholders within the firm. Their imminent transaction in Dabur could, nevertheless, don’t have any reference to the stake improve in Eveready.
Shares of Dabur have risen from a 52-week low of ₹482.25 on 17 June to a 52-week excessive of ₹610.75 on 7 December. The inventory presently trades round its 52-week excessive.
Dabur, the proprietor of Actual Juice and Hajmola manufacturers, reported a revenue of ₹396 crore on gross sales of ₹2,267 crore within the September quarter.
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Supply: Live Mint