Sagility B.V. to Offload Mega Stake—Rs 2,671 Crore OFD Poised to Spark Market Frenzy

Sagility B.V., the promoter of Sagility India, intends to sell shares valued at Rs 2,671 crore through a block deal planned for Tuesday.  As per a term sheet sent out to clients by IIFL Capital, which is acting as an arranger for the deal, Sagility B.V. will sell approximately 15.02% of its stake in Sagility India as part of the deal. The base deal is comprised of 346.13 million equity shares, or 7.39% of the company, with an option to oversubscribe up to a total of 703 million shares. 

 

The floor price for the block deal has been determined to be Rs 38 per share, which is an 11.4% discount to the last closing price of Rs 42.87 (NSE) on May 26, for Sagility India.  Using this price, the base deal is Rs 1,315 crore, and the overall deal could be Rs 2,671 crore.  Since this is a secondary sale, there will not be any new issuance of shares. 

 

Sagility India, a provider of business process management services, raised Rs 2,106 crore in its IPO in November, which was also an offer-for-sale by Sagility B.V. The promoter group has an 82.39% position in the company.

 

It is anticipated that the block deal will diversify the shareholding base and will provide for liquidity in the stock.

 

Source: The Economic Times