Investors are likely to offload up to 44.3 lakh shares, or 10% equity, in Sedemac Mechatronics Ltd through a block deal to raise around ₹1,329 crore, according to sources. The floor price has been set at ₹3,000 per share, which represents a discount of up to 1.2% to the company's current market price, sources added.
The sellers include A91 Emerging Fund, Xponentia Opportunities Fund and HDFC Life Insurance Company, among others. The shares sold through the transaction will be subject to a 60-day lock-in on further sale. It develops, designs and manufactures sensor-less commutation-based integrated starter generators ECUs for two-wheeler and three-wheeler internal combustion engine-powered vehicles.
The company's customers included TVS Motor Company, Bajaj Auto, Kirloskar Oil Engines, Briggs and Stratton LLC, and DEIF India. Shares of SEDEMAC Mechatronics Ltd ended at ₹3,052.50, up by ₹19.10, or 0.63%, on the BSE.