Privi Speciality Chemicals Block Deal | Seller to offload 6.32% stake for ₹700 crore

A shareholder of Privi Speciality Chemicals Ltd is likely to sell up to 6.32% stake in the company via a block deal, sources privy to the developments told CNBC-TV18. The total offer size is expected to be ₹700 crore.

The floor price for the transaction has been set in the range of ₹2,835-2,850 per share, representing a discount of 11.14% to the current market price (CMP).

Back in June this year, four promoter entities of Privi Speciality Chemicals sold a combined 4.09% stake in the company for ₹330

crore through open market transactions.

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Privi Speciality Chemicals' promoters — Bhaktavatsala Rao Doppalapudi, Vijaykumar Doppalapudi, Vinaykumar Doppalapudi Rao and Vivira Investment and Trading — sold a total of 16 lakh shares or 4.09% stake in the company, as per the bulk deal data on the NSE.

The transaction, valued at around ₹329.88 crore, was executed in the price range of ₹2,055-2,087.70 per share. After the transactions, the combined promoter holding in Privi Speciality Chemicals declined to 69.96% from 74.05%.

Shares of Privi Speciality Chemicals Ltd ended at ₹3,228, up by ₹121.80, or 3.92%, on the BSE today, December 30.

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