Significant block deals are slated for today involving two prominent companies, Welspun Corp Ltd and Billionbrains Garage Ventures Ltd, known as Groww. These transactions collectively represent shares worth Rs 3,322 crore changing hands, according to term sheets reviewed by Business Today.
Welspun Corp Block Deals Detailed
For Welspun Corp, managing director and CEO Vipul Mathur, a promoter, is set to divest 3 lakh shares. Additionally, Welspun Investments And Commercials Ltd, another promoter group entity, plans to sell 60 lakh shares. This combined sale of 63 lakh shares constitutes 2.4 percent of Welspun Corp's total outstanding shares.
The floor price for this deal is fixed at Rs 2,250 per share, which marks a 4.1 percent discount from its closing price of Rs 2,345.50 on the National Stock Exchange (NSE) the previous day. The total value of Welspun Corp's block deal stands at Rs 1,417.50 crore. IIFL Capital Services is acting as the sole placement agent for this transaction.
Groww Sees Major Investor Share Sale
Meanwhile, existing investors in Groww, including Ribbit Capital V LP, Ribbit Cayman GW Holdings V, and GW-E Ribbit Opportunity V, are looking to sell a substantial 9.82 crore shares. This quantity represents 1.6 percent of Groww's total outstanding shares.
The floor price for Groww's block deal is set at Rs 195 per share, reflecting a 3.95 percent discount compared to its last closing price. The overall deal size for Groww is valued at Rs 1,914.30 crore, approximately $200 million. JP Morgan India Private Ltd is serving as the broker for this secondary placement of equity shares.