The Arora family has announced it is to sell 40m ordinary shares in the B&M business.
An announcement to the markets on Monday afternoon said SSA Investments, the Arora family’s investment vehicle, want to sell the shares by way of an accelerated bookbuild to institutional investors.
The placing shares represent around 4% of discount chain B&M’s issued share capital.
SSA Investments current owns around 150m ordinary shares – a 15% stake in B&M – which following the sale will be 11%.
Merrill Lynch International is acting as global coordinator in connection with the placing, while Rothschild & Co is the sole financial adviser.
The announcement came from Merrill Lynch International, and said the bookbuilding period began on Monday – and “may close at any time on short notice”.
It added that results of the placing, including the number of placing shares to be sold and the price will be announced “as soon as practicable after the closing of the bookbuilding process”.
B&M will not receive any proceeds from the secondary placing, it said.