Blackstone sells a Rs 4,044 billion stake in Sona, with major buyers GIC and SBI MF.

According to several reports, Blackstone sold its interest for an Internal Rate of Return (IRR, a statistic used to calculate the profitability of investments) of 15 times.

For around Rs 4,044 crore, a group of institutional investors, including Singapore's sovereign wealth fund GIC, purchased a 13.6% interest in Sona BLW Precision Forgings held by US private equity giant Blackstone.

The investors purchased the stock through a block transaction on Thursday for Rs 509 per share, a 5% decrease from the closing price on Wednesday. Following the sale of a portion of the company, the share price of the manufacturer of automobile components dropped 6% on Thursday, closing 4.03% lower at Rs 517.40.

The largest purchasers on Thursday were GIC and State Bank of India Mutual Fund, but Canadian insurance company Manulife Financial Corporation also purchased shares through a block sale. According to people familiar with the situation, Nippon India Mutual Fund, Kotak Mutual Fund, and HDFC Mutual Fund were among those who purchased the share.

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