TPG exits RR Kabel; sells entire stake for Rs 958 Cr
According to the block deal data available on the BSE, TPG Asia VII SF Pte sold 56,33,238 shares, amounting to a 4.99% stake in RR Kabel.
Private equity major TPG on Thursday divested its entire 5% stake in RR Kabel for Rs 958 crore through open market transactions.
US-based TPG through its affiliate TPG Asia VII SF Pte offloaded shares of RR Kabel in 21 tranches on the BSE.
According to the block deal data available on the BSE, TPG Asia VII SF Pte sold 56,33,238 shares, amounting to a 4.99 % stake in RR Kabel.
The shares were disposed of at an average price of Rs 1,701.1 a piece, taking the deal size to Rs 958.27 crore.
Mirae Asset Mutual Fund (MF), Tata MF, Edelweiss MF, HDFC Standard Life Insurance, Government Pension Fund Global, Societe Generale, Goldman Sachs, Morgan Stanley Asia Singapore, Citigroup Global Markets, and Blackstone were among the buyers of RR Kabel shares.
From a small trading business to becoming a leading manufacturer of wires and cables globally — the journey of RR Kabel
RR Kabel shares fell 0.06% to close at Rs 1,717.15 a piece on the BSE.
RR Kabel was established in 1999 as a manufacturing business. In a span of a little over two decades, the brand has established itself as a global player in the wires and cables sector.
It was started by Rameshwarlal Kabra as a small trading business of wires and cables in Delhi.
Competing with the likes of Polycab, KEI wires, and others, RR Kabel has 29 international certifications with a production capacity of 3,600 metric tonnes for copper wires and 1,260 metric tonnes for aluminium wires.
(Disclaimer: The PTI copy is updated with additional inputs for background information)
Edited by Megha Reddy
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