ZF Commercial Vehicle shares fall 7% following block deals

Shares of ZF Commercial Vehicle Control Systems India Ltd. fell as much as 7.5% on Wednesday after shares worth over ₹2,260 crore changed hands in multiple block deals.

A total of 14.3 lakh shares were traded in these deals at an average price of ₹15,825 per share. The identities of the buyers and sellers involved are yet to be determined. However, CNBC-TV18 reported that Wabco Asia Pvt. Ltd. was likely to sell a 5% stake in the company, valued at over ₹1,400 crore. The shares were offered at a floor price of ₹14,980 per share, representing a 13.3% discount to ZF Commercial’s previous closing price.

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Details of the Block Deal:
– Seller: Wabco Asia Pvt Ltd
– Floor Price: ₹14,980 (13.3% discount to previous NSE closing price)
– Offer Size: ₹1,423.1 crore (5% of existing total equity)
– Lock-Up Period: 120 days on the residual stake sale
– Sole Banker: Citigroup Global Markets India

As of the March quarter, Wabco Asia held a 75% stake in ZF Commercial Vehicle Control Systems India Ltd.

As of 11:05 AM, shares were trading 5.37% lower at ₹16,348.95 on the NSE.