Genus Power Infrastructure: GIC Affiliate Cancels ₹650 Crore Block Deal
By ScanX News Team
Chiswick Investment Pte. Ltd, an affiliate of Singapore's GIC, cancelled a planned block deal to sell up to 5.8% stake in Genus Power Infrastructures Ltd. The deal was valued at approximately ₹650 crore with a floor price of ₹360 per share. Following the news, Genus Power's stock declined 1.42% to ₹379.65 in early trading on June 13.
*this image is generated using AI for illustrative purposes only.
Genus Power Infrastructures Ltd. experienced a market ripple as Chiswick Investment Pte. Ltd, an affiliate of Singapore's sovereign wealth fund GIC, called off a planned block deal to sell up to 5.8% stake in the company. The cancelled transaction, valued at approximately ₹650.00 crore, had set a floor price of ₹360.00 per share.
Market Response
The news of the cancelled deal appeared to have an immediate impact on Genus Power's stock performance. In early trading on June 13, the company's shares witnessed a decline of 1.42%, settling at ₹379.65.
Deal Details
The proposed block deal would have seen Chiswick Investment Pte. Ltd offloading a significant portion of its holdings in Genus Power Infrastructure. The planned stake sale of up to 5.8% was estimated to be worth ₹650.00 crore, indicating substantial investor interest in the company.
Pricing Considerations
The floor price for the now-cancelled block deal was set at ₹360.00 per share. This price point is noteworthy when compared to the early trading price of ₹379.65, suggesting that the market currently values Genus Power's shares above the proposed deal's minimum price.
Implications
While the reasons for the cancellation were not immediately clear, such decisions can often be influenced by various factors including market conditions, strategic considerations, or changes in the investor's portfolio management strategy. The cancellation of this significant transaction may lead to speculation about GIC's long-term investment plans in Genus Power Infrastructure.
Genus Power Infrastructure, known for its involvement in the power sector, continues to attract attention from major international investors. The company's performance and strategic direction in the coming months may be of particular interest to market watchers following this development.
Historical Stock Returns for Genus Power Infrastructures
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.01% | -8.86% | +7.03% | -12.16% | +15.10% | +1,517.28% |
16
