Polycab India block deal: Promoters likely to sell 0.8% stake worth Rs 887 crore on Thursday: Report

Synopsis

Promoters of Polycab India are expected to sell up to 0.81% stake through block deals, setting a floor price of Rs 7,300 per share to potentially raise Rs 887.6 crore. Several promoters, including Inder T. Jaisinghani, will participate in the sale, following a recent dip in Polycab's share price after hitting a 52-week high.

Promoters of wires and cable company Polycab India will likely offload up to 0.81% stake in the company via block deals on Thursday. The floor price has likely been set at Rs 7,300 per share taking the deal size to Rs 887.6 crore. The floor price is likely set at a discount of 3.1%, a CNBC-TV18 report said.

Meanwhile, NDTV Profit reported that Inder T. Jaisinghani, Ajay T. Jaisinghani, Ramesh T. Jaisinghani, Girdhari Thakurdas Jaisinghani, Bharat Jaisinghani, Nikhil Ramesh Jaisinghani, and Anil Hariram Hariani will sell shares.

Polycab shares today ended at Rs 7,529 on the NSE, falling by Rs 91 or 1.19% over the Tuesday closing price. It was its second successive loss following a fresh 52 week high of Rs 7,714 it hit on Monday.

Polycab shares have delivered 14% returns over a 1-year period while rising over 2% so far in 2025. The multibagger stocks 3-year returns are in excess of 190%.

The stock is currently trading above its 50-day and 200-day simple moving averages of Rs 7,083 and Rs 6,293, respectively, according to Trendlyne.

The stock has traded with high volatility with a 1-year beta of 1.1, Trendlyne data revealed.

The company reported a consolidated net profit of Rs 592 crore in the June ended quarter, which was a 49% year-on-year growth. Total revenue in the reported quarter stood at Rs 5,986 crore, which was a 26% YoY growth.

Also Read: Akzo Nobel India block deals: Promoter offloads Rs 765 crore stake; Nippon, Goldman, Citi among buyers

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