GEF Capital Partners sells 5.55 pc stake in Premier Energies for Rs 2,629 cr

New Delhi, Jun 10 (PTI) GEF Capital Partners on Tuesday divested a 5.55 per cent stake in Premier Energies for Rs 2,629 crore through open market transactions.

Premier Energies Ltd (PEL) is among the largest integrated manufacturers of solar photovoltaic cells and modules (in terms of installed capacity) and specialty solar photovoltaic products in India.

US-based GEF Capital Partners through its affiliate South Asia Growth Fund II Holdings LLC sold a total of 2.5 crore equity shares, representing a 5.55 per cent stake in Premier Energies Ltd, as per the bulk deal data available with the NSE.

The transaction, valued at around Rs 2,629 crore, was executed at an average price of Rs 1,051.60 per share.

Following the stake sale, the shareholding of South Asia Growth Fund II Holdings in Premier Energies declined to 5.55 per cent from 11.10 per cent.

Meanwhile, Quant Mutual Fund bought 43.55 lakh shares, amounting to a 0.97 per cent stake in Premier Energies.

Also, Premji Invest's arm PI Opportunities AIF V purchased 33.28 lakh scrips or 0.74 per cent holding in Hyderabad-based Premier Energies.

The shares were acquired at the same price, taking the combined deal value to Rs 808.02 crore.

Details of the other buyers of Premier Energies' shares could not be ascertained on the National Stock Exchange (NSE).

Shares of Premier Energies rose 1.94 per cent to close at Rs 1,082.80 apiece on the NSE. PTI HG HVA