2 weeks Ago
German automotive systems manufacturer ZF Commercial Vehicle Control Systems India Ltd, is set to launch block deals of up to $98 million on Wednesday, November 27, sources told CNBC-TV18. NSE The company's promoter WABCO Asia is likely to sell 3.5% equity in the company at a floor price of 12,400 per share, which is at a 14% discount to Tuesday's closing price of 14,468.
95, sources said. WABCO Asia held 67.49% stake in the company of September 2024, as per data available on the stock exchanges.
Citigroup Global Markets is the sole book runner of the transaction, sources added. In June this year, WABCO Asia was said to have sold 5% stake in ZF Commercial Vehicle Control Systems, valued at ₹1,423.1 crore.
The shares were offered at a floor price of ₹14,980 each, representing a 13.3% discount to the company's last closing price on the NSE. The deal was executed through a block trade, with Citigroup Global Markets India serving as the sole banker for the transaction.
Post-sale, the remaining stake held by Wabco Asia was subject to a 120 days lock up period. ZF Commercial shares ended 3.13% lower at 14,468.
95 apiece at 8.40 am on Tuesday, November 26. The stock is down 11.
27% this year, so far. Also Read: Hyundai Motors India shares get two more 'buy' ratings with a 30% upside potential.
