Godrej Industries has dipped 4% to Rs 236 extending its previous day’s around 2% fall after the promoters have decided to reduce their holdings in the company to 75% from current 79% through issue of equity shares.
“The board of directors of the company has, pursuant to a circular resolution dated June 08, 2012, approved, the issuance of equity shares of face value of Re 1/- each or securities convertible into equity shares, such that the total number of equity shares held by the 'Public' immediately at the completion of such offerings does not exceed 25% of the total number of outstanding equity shares as at the date of allotment or conversion,” Godrej Industries said in a filing.
The issue of equity shares by way of various means such as public issue, including through an institutional placement programme or private placement or a combination thereof, in one or more offerings/tranches, subject to the approval of the shareholders of the Company and regulatory approvals, as may be required, it added.
The market regulator Securities and Exchange Board of India (Sebi) asked all listed private companies to meet the norm of minimum 25% public holding by June 2013.
The stock opened at Rs 244 and hit a low of Rs 234 on the National Stock Exchange. A combined 933,512 shares have changed hands on the counter so far on both the exchanges.