Funds affiliated with Blackstone were classified as promoters and held 20.50% in the Sona Comstar before this transaction.
- Blackstone has now sold off this final balance 20.5% @ Rs 410/ share aggregating to Rs 4,917 cr through open market bulk deals
- Buyers included Foreign Institutional Investors, Sovereign Wealth Funds, Domestic Mutual Funds and Insurance. companies. Prominent names like Government of Singapore, Fidelity, FMR, ICICI Prudential Life Insurance and HDFC MF participated in the deal.
Blackstone has been consistently selling stake of Sona since IPO in June 2021.
- At the time of IPO, it had offloaded about 32% stake at Rs 5,250 cr
- Then in August 2022 it had sold 13.6% for Rs 4,044 crore
Blackstone initially had invested a total of about Rs 1,228 cr for acquiring 66.28% pre-IPO equity in Sona in July 2019. It’s average cost of acquisition was Rs 32.34/ share.
Against this it got cumulated Rs 14,211 cr i.e., 11.5x in less than 4 years with an XIRR of 157%.
This has been a remarkable deal for Blackstone.