Polycab India , a leading electrical goods company, witnessed a significant block deal where promoter group members sold a portion of their stake. The transaction, valued at ₹1,695 crore, involved 22.73 lakh shares changing hands, representing 1.51% of the company's equity.

Block Deal Details

The block deal was executed at ₹7,458.00 per share, with several promoter group members participating in the sale. The sellers included:

• Inder T. Jaisinghani
• Ramesh T. Jaisinghani
• Ajay T. Jaisinghani
• Girdhari Thakurdas Jaisinghani
• Nikhil Ramesh Jaisinghani
• Bharat Jaisinghani

Following the transaction, the promoters have agreed to a 90-day lock-in period, during which they will not sell any further shares. At the end of the June quarter, the promoters held a 51.07% stake in the company.

Strong Financial Performance

The stake sale comes on the heels of Polycab India's robust financial performance in the June quarter. The company reported impressive growth across key financial metrics:

The company's EBITDA margins expanded to 14.50%, reflecting improved operational efficiency.

This block deal and the company's strong financial results underscore investor interest in Polycab India's growth story. The electrical goods sector in India continues to show promise, driven by infrastructure development and increasing electrification across the country.

Investors and market watchers will likely keep a close eye on how this change in promoter holding might impact the company's future strategies and market perception. Despite the stake sale, the promoter group retains a significant majority stake, indicating their continued commitment to the company's long-term prospects.

Polycab India , a leading manufacturer of cables and wires, is set to witness a significant change in its shareholding structure as promoter entities plan to sell up to 0.81% of their equity stake through a block deal. The transaction, valued at approximately ₹887.60 crore, comes on the heels of the company's strong quarterly performance.

Block Deal Details

The promoter group has set the floor price for the stake sale at ₹7,300.00 per share, representing a 3.09% discount to the last traded price. Seven promoter group members, including Inder T. Jaisinghani and Ajay T. Jaisinghani, are participating as sellers in this transaction. Following the sale, the promoters have agreed to a 90-day lock-in period, during which they will not engage in further share sales.

Quarterly Performance Highlights

Polycab India recently reported impressive financial results for the quarter:

The company's performance surpassed market expectations, with net profit exceeding analyst estimates of ₹518.00 crore. Similarly, revenue outperformed projections of ₹5,651.00 crore. The EBITDA margin expanded by over 200 basis points to reach 14.5%, showcasing improved operational efficiency.

Market Response

Despite the strong quarterly results, Polycab India's shares closed at ₹7,522.40, down 1.52% in the latest trading session. The proposed block deal and its pricing might have influenced investor sentiment.

The planned stake sale by promoters, coupled with Polycab's robust financial performance, presents an interesting dynamic for investors to consider. While the company continues to demonstrate strong growth, the promoter group's decision to reduce their stake may attract attention from market participants.