According to the bulk deal data on the NSE, WABCO Asia Pvt Ltd, promoter and forming part of ZF Group sold a 4.3% stake or 8.2 lakh shares of the company. The shares were offloaded at an average price of ₹ 12,465.19 apiece, taking the transaction value to ₹1,022.14 crore.
Meanwhile, Aditya Birla Sun Life Mutual Fund acquired 1.60 lakh shares of ZF CVCS India at an average price of ₹12,400 per piece, taking the deal value to ₹199.24 crore. Wabco Asia’s holding in ZF CVCS India has come down to 63.17% from 67.49%.
Earlier, CNBC-TV18 reported, citing sources that the company was set to launch block deals of up to $98 million.
WABCO Asia held a 67.49% stake in the company as of September 2024, as per data available on the stock exchanges. Citigroup Global Markets was the sole book runner of the transaction, sources had said.
In June this year, WABCO Asia was said to have sold a 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 were trading 13.68% lower at ₹12.424.95 apiece at 9.25 am on Wednesday, November 27. The stock has fallen 23.72% this year, so far.
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First Published: Nov 27, 2024 8:45 AM IST
