PE firm TPG Asia is selling its entire stake in wire and cable manufacturer RR Kabel through a block deal on Thursday to raise Rs 957 crore ($114.9 million), according to a term sheet reviewed by ET. TPG Asia holds a 5% stake in the company as of the end of March 2024, according to BSE filings.
The PE firm acquired a 21% stake in RR Kabel five years before the IPO that was launched in the second half of 2023, and since then, it has been consistently pruning its stake.
The sellers have put up 5.6 million shares for sale with a floor price of Rs 1700 per share. This implies a discount of 1.1% from the closing price on Wednesday. IIFL Securities is the banker for the deal.
