Promoters of Polycab India Ltd, a leading electrical goods manufacturer, divested 1.5% of their stake in the company through a block deal on Thursday, September 25, raising about ₹1,740 crore. The shares changed hands at an average price of ₹7,458 apiece.
Among the key investors, JP Morgan Fund ICVC emerged as the largest participant, picking up close to 1% stake worth ₹1,107 crore. Morgan Stanley Asia purchased 2.9 lakh shares for ₹219 crore, while other institutions such as HDFC Life Insurance, Societe Generale, and Kotak Mahindra Life Insurance also took part in the deal.
On the selling side, members of the promoter family — Inder T. Jaisinghani, Ramesh T. Jaisinghani, Ajay T. Jaisinghani, Girdhari Thakurdas Jaisinghani, Nikhil Ramesh Jaisinghani, and Bharat Jaisinghani — executed the transaction.
Meanwhile, Polycab has been reporting strong financial performance. For the June quarter, the company’s net profit jumped 50% year-on-year to ₹600 crore, beating Street estimates of ₹518 crore. Revenue rose 25.7% to ₹5,651 crore, supported by robust demand.
Operating metrics also improved significantly — EBITDA surged 47.1% to ₹858 crore, with margins expanding to 14.5% from 13.5% in the same period last year.
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