Under the block deal, two foreign investors Copthall Mauritius Investment and Societe Generale picked up stakes in the company, according to data sourced from exchanges. While Copthall Mauritius Investment bought 4.43 crore shares or 0.95%, Societe General has lapped up 5.28 crore shares or 1.14% in the company.
Prior to the deal, Sumitomo Wiring Systems held about 17.55% stake in Samvardhana Motherson as of the December quarter.
On Thursday, Samvardhana stock fell as much as 10.55% to settle at Rs 68.70 apiece on the NSE.
According to the shareholding data available with the exchanges, 68.16% stake is held by promoter and promoter group, while the rest lies with the public.
Top mutual funds, including Nippon India, and ICICI Pru MF, own about 8.90% in the company, while foreign investors have about 7.86% stake.
According to Trendlyne data, the average target price estimate is Rs 95.1, which shows an upside of 39% from the current market prices.Samvardhana Motherson is one of the leading specialised automotive component manufacturing companies for OEMs. With a diverse global customer base of nearly all leading automobile manufacturers globally, the company supports its customers from more than 300 facilities across 41 countries in 5 continents.
It has recently diversified to support customers in non-automotive businesses, including technology and industrial solutions, health and medical, aerospace and logistics. Samvardhana is currently the largest auto ancillary in India and is ranked among the top 25 automotive suppliers worldwide.
The company has reported a net profit of Rs 454 crore in the December quarter, which is higher by 388% year-on-year. Revenue from operations rose 25% year-on-year to Rs 20,226 crore for the third quarter.