The floor price has been set at ₹5,773.63 per share, representing a discount of up to 5% to the prevailing market price, the sources said.
The proposed transaction will involve shares held by Morganite Crucible and Morgan Terrassen BV and is a secondary sale, meaning the proceeds will go to the selling shareholders rather than Foseco India.
Also read: Welspun Corp promoters, CEO sell ₹1,433 crore stake; Capital Group funds among buyers
The final number of shares sold, the transaction price and the identities of buyers will become clear once the deal is executed.
The proposed sale comes amid a flurry of block and bulk deals in the Indian market this week. On Wednesday, Welspun Investments and Commercials and Welspun Corp Managing Director and CEO Vipul Mathur sold a combined 2.4% stake in Welspun Corp for ₹1,433 crore, with Capital Group entities emerging among the major buyers.
