Block deals today: Welspun Corp, Groww to see Rs 3,322 crore worth shares changing hands

At least two companies namely Welspun Corp Ltd and Billionbrains Garage Ventures Ltd (Groww) would see a combined Rs 3,322 crore worth block deals today, as per term sheets seen by Business Today.

Welspun Corp block deals today
In the case of Welspun Corp, MD & CEO Vipul Mathur is looking to sell 3 lakh shares, while a promoter group entity Welspun Investments And Commercials Ltd may sell 60 lakh shares. The total selling of 63 lakh shares would account for 2.4 per cent of the total outstanding shares of Welspun Corp. The floor price of the deal is set at Rs 2,250 apiece, a 4.1 per cent discount to its previous day's closing price of Rs 2,345.50 on NSE. The deal size stands at Rs 1,417.50 crore. IIFL Capital Services is the sole placement agent for the deal.

The stock has been in news after the company bagged its largest-ever single order, worth $1.8 billion. The US order involved supplying pipes for the evacuation and transportation of more than 3 billion cubic feet of gas from the Permian Basin to the Gulf Coast.

According to Systematix, the order has significantly strengthened Welspun Corp's order book, taking it from Rs 25,750 crore to Rs 42,100 crore, and has improved revenue visibility for FY28 and FY29. The brokerage said the company's medium-term outlook is supported by its record order book, with 60-65 per cent concentrated in the US, and by execution visibility extending through FY29. It said the US business is likely to remain the main earnings driver, helped by capacity expansion and sustained demand.

Groww block deals today
In the case of Groww, existing investors Ribbit Capital V LP,  Ribbit Cayman GW Holdings V and GW-E Ribbit Opportunity V are looking to sell 9.82 crore shares, accounting for 1.6 per cent of total share outstanding at floor price of Rs 195 apiece. The deal size stands at Rs 1,914.30 crore or about $200 million. JP Morgan India Private Ltd is acting as a broker on the secondary placement of equity shares. The floor price is at 3.95 per cent discount to last close price.

Groww has been seeing block deals of late. Recently, it saw 7.78 crore shares changing hands in two block trades worth nearly Rs 1,500 crore, accounting for about 1.2 per cent of the company’s total outstanding equity, according to Bloomberg data.