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Polycab India Block Deal: Promoter entities of electrical goods maker Polycab India Ltd are expected to offload up to 0.81 per cent of the company’s equity through a block deal worth about Rs 880 crore, Zee Business reported citing sources.

According to the report, the floor price for the transaction has been fixed at Rs 7,300 per share, representing a 3.09 per cent discount to the stock’s last traded price. The selling shareholders include members of the promoter group such as Inder T. Jaisinghani, Ajay T. Jaisinghani, Ramesh T. Jaisinghani, Girdhari Thakurdas Jaisinghani, Bharat Jaisinghani, Nikhil Ramesh Jaisinghani and Anil Hariram Hariani.

As per Zee Business, the promoters have also agreed to a 90-day lock-in period on any further share sales following this block deal.

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Separately, Polycab reported a robust set of numbers for the first quarter. Net profit surged 50 per cent year-on-year to Rs 600 crore, comfortably exceeding the Zee Business poll estimate of Rs 518 crore. Revenue rose 25.7 per cent to Rs 5,906 crore, against expectations of Rs 5,651 crore.

The company’s EBITDA jumped 47.1 per cent to Rs 858 crore, topping the 31 per cent growth projected at Rs 762 crore. EBITDA margins expanded by over 200 basis points from the year-ago period to 14.5 per cent, compared with a poll estimate of 13.5 per cent.

Shares of Polycab India Ltd closed at Rs 7,522.40, down Rs 116.00 or 1.52 per cent on the BSE on Wednesday.

Polycab has been recommended as a buy at 8 AM, with advice to consider buying:

On a 3-5 per cent dip in the stock

Ahead of the promoter block deal of 12 lakh shares at Rs 7,300 per share

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Senior Sub-editor at Zee Business English

shweta.shukla@India.com

Shweta Birendra Shukla is a journalist covering the stock market and corporate affairs, with prior stints at Business ...LATEST NEWSBy accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.