The move will help the company to comply with Sebi's minimum public shareholding norms
Reliance Power (R-Power) today said three of its promoters will offload 5.42% stake in the firm, a move that would help the Anil Ambani group company to comply with the minimum public shareholding norms.
The shares will be sold through Offer for Sale (OFS) on December 19, R-Power said in a regulatory filing.
Reliance Infrastructure, Reliance Innoventures and AAA Project Ventures will together sell more than 152.1 million equity shares, making up about 5.42% stake in the company.
At the end of September 2012, promoters held 80.42% stake in R-Power.
Capital market regulator Sebi has asked all private sector listed companies to have minimum public shareholding of 25% by June 2013.
About 200 companies are estimated to be required to meet the norms. These firms would need to sell shares worth around Rs 30,000 crore to be in compliance with the regulations.
Some of the companies where the promoter holding was more than 75% at the end of July-September quarter included DLF, Jet Airways, Wipro, Tata Communications, Tata Tele, Sun TV, L&T Finance, Omaxe and Fortis Healthcare.
R-Power scrip closed flat at Rs 100.10 on the BSE.
Budget-carrier SpiceJet today said it has raised Rs 126.5 crore through issue of securities to promoter Kalanithi Maran.