Funds affiliated with Blackstone have sold their balance 20.5% stake in Sona BLW Precision Forgings (Sona Comstar). Before this transaction, Aureus Investment and Blackstone held 33% and 20.5%, respectively, in Sona Comstar as the auto technology company's co-promoters.
Amit Dixit, Head - Blackstone Private Equity in Asia, said, “Blackstone is blessed to have been part of the Sona Comstar journey for the past five years. Sunjay Kapur has been a terrific partner to us and minority shareholders. The management team led by Vivek Vikram Singh has done an outstanding job in building one of India's largest electric vehicle component suppliers. We will always be a supporter and seek to collaborate and partner with the company going forward as we continue to evaluate investments in the energy transition theme.”
This stake sale happened via bulk deals in the open market, which saw strong demand from Foreign Institutional Investors, Sovereign Wealth Funds, Domestic Mutual Funds, and insurance companies. Marquee investors like the Government of Singapore, Fidelity, FMR, ICICI Prudential Life Insurance, and HDFC MF bought shares from Blackstone in the bulk deal.
Sunjay Kapur, Promoter and Non-Executive Chairman, Sona Comstar, said, “I am glad to have partnered with Blackstone and very happy that this has been a successful investment for them. Moving forward, our focus remains on providing innovative products and solutions to our customers and creating value for all our stakeholders.”