The promoters of Oberoi Realty are looking to dilute their stake via the offer for sale route in order to meet SEBI’s minimum public shareholding (MPS) norms. The issue, which opens on Thursday, has on offer 1.14 crore shares, said the company in an exchange filing.
The floor price for the issue has been fixed at Rs 158 per share.
As on June 2013, the promoters hold 78.5% stake in the company. According to SEBI’s MPS norms, private companies are expected to bring down the promoter shareholding in the company to 75%. The issue size of 1.14 crore shares amounts to 3.5% of the total paid-up share capital of the country.
The Mumbai-based real estate firm is expected to raise about Rs 180 crore through the issue.
The stock price of Oberoi Realty on Wednesday was down 1.7% to Rs 166.85 per share.