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ASK Automotive Promoter To Sell 6.05% Stake Via OFS

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Synopsis:

ASK Automotive Ltd. promoter Kuldip Singh Rathee will sell 6.05% equity through an OFS at ₹433/share. The base issue includes 1.08 crore shares with a greenshoe option of 10.8 lakh shares.

ASK Automotive Ltd. news today

Kuldip Singh Rathee, one of the promoters of ASK Automotive Ltd., has announced plans to divest 6.05% of his equity stake through an Offer for Sale (OFS). The sale is scheduled to take place on September 27-28, 2024. The floor price for the OFS has been set at ₹433 per share, offering a potential opportunity for investors interested in the auto parts sector.

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Breakdown of the OFS structure

The Offer for Sale consists of a base issue of 5.50% equity, which translates to approximately 1.08 crore shares. Additionally, there is a greenshoe option for another 0.55% of equity, amounting to 10.8 lakh shares. JM Financial Services Ltd and ICICI Securities Ltd have been appointed as brokers for the sale, handling the transaction for potential investors.

This sale comes as ASK Automotive Ltd. continues to maintain a strong presence in India's auto parts industry. The company is the largest manufacturer of brake shoes and advanced braking systems (ABS) for two-wheelers, holding a 50% market share in the fiscal year 2023. ASK Automotive’s dominant position in both original equipment manufacturers (OEMs) and the independent aftermarket has made it a key player in the automotive industry.

Financial performance and expansion

ASK Automotive has seen consistent growth in its financial performance. For FY21, the company reported a consolidated turnover of ₹1,544 crore, which increased to ₹2,013 crore in FY22 and ₹2,555 crore in FY23. Net profits for the respective periods were ₹106 crore, ₹83 crore, and ₹123 crore, reflecting strong earnings recovery post-pandemic.

The company has also expanded its operations to include prominent names in the electric vehicle (EV) sector, including TVS Motor, Ather, Hero Motocop, Greaves, Bajaj Auto, and Revolt. With 15 manufacturing facilities strategically located near OEM customers across five states in India, ASK Automotive has further strengthened its foothold in the growing EV market.

Impact on ASK Automotive Ltd. share price

ASK Automotive Ltd. share price ended at ₹467.10 on the BSE, up 0.25% on September 25, 2024. This upcoming OFS could impact the share price depending on investor interest and market conditions. The stake sale presents a new investment opportunity for those eyeing the auto parts and EV sectors.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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