Premier Energies shares worth ₹2,629 crore change hands in block deal; key investor likely seller

Premier Energies Ltd. shares worth ₹2,629 crore changed hands in multiple block deals that took place in the pre-open window on Tuesday, June 10.

As many a 2.5 crore shares or 5.54% of the company's outstanding equity changed hands via block deal, according to available data.

Shares changed hands at an average price of ₹1,052 per share. Buyers and sellers in the transaction are not officially known.

According to the term sheet accessed by CNBC-TV18, South Asia Growth Fund II planned to offload as much as 2.5 crore shares via the block deal, which amounts to 5.5% of Premier Energies' outstanding equity.

The floor price of the block deal is set at ₹1,501 per share, which is a discount of 1% from Monday’s closing price.

South Asia Growth Fund, the likely seller in the transaction, will also have a 150-day lock-in period for further sale of shares in the company.

According to the latest shareholding pattern available on exchanges, South Asia Growth Fund holds a 11.1% stake in the company.

Shares of Premier Energies had seen a sharp spike towards the close of Monday's trading session and ended with gains of 2.5% at ₹1,080. The stock has more than doubled from its IPO price of ₹450.

However, shares are still down 20% so far in 2025 and 22% below its post-listing high of ₹1,388.