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.

Polycab India Limited , a prominent player in the electrical goods industry, has announced a significant addition to its leadership team. The company has appointed Vivek Sharma as Deputy Managing Director (Non-Board Member) for a five-year tenure, effective October 4, 2021.

Board Approval and Appointment Details

The appointment of Vivek Sharma was approved by Polycab India's Board of Directors, following recommendations from the Nomination and Remuneration Committee. This strategic move aims to strengthen the company's executive leadership and drive future growth initiatives.

Vivek Sharma's Professional Background

Vivek Sharma brings a wealth of experience to his new role at Polycab India, with over 35 years of corporate expertise in the consumer electricals and durables sector. Prior to joining Polycab, Sharma held the position of Managing Director at Panasonic Life Solutions India, showcasing his proven track record in the industry.

Educational Qualifications

Sharma's educational background reflects a strong foundation in both technical and management disciplines:

• Physics degree from Fergusson College
• MBA in Marketing from Symbiosis Institute of Business Management
• Additional management courses from prestigious Indian Institutes of Management (IIMs)

This diverse educational background positions Sharma well to contribute to Polycab India's strategic initiatives and operational excellence.

Independence and Corporate Governance

It's worth noting that Vivek Sharma is not related to any promoters, promoter group members, or directors of Polycab India Limited. This independence aligns with good corporate governance practices and ensures objective decision-making in his role as Deputy Managing Director.

The appointment of Vivek Sharma as Deputy Managing Director is expected to bring fresh perspectives and industry insights to Polycab India Limited. As the company continues to navigate the dynamic electrical goods market, Sharma's extensive experience and leadership could play a crucial role in shaping its future strategies and growth trajectory.