Omaxe declares Bonus to public shareholders

Realty firm Omaxe today said it will issue 10 bonus shares to public shareholders for every 39 shares held by them in order to meet market regulator SEBI norm on minimum 25% public shareholding.

Promoters had 89.14% stake in Omaxe as on March 31. After four-round of Offer For Sale (OFS), Omaxe is still required to increase public shareholding by about 4%.

The board approved the issue of Bonus Shares to the public shareholders on October 30, Omaxe said in a statement.

The Board approved the capitalisation of Rs 9,33,35,400 from Securities Premium Account by issuing 93,33,540 shares as bonus shares in proportion of 10 new shares for every 39 existing shares held by shareholders as on November 12, 2013.

The bonus shares would not be issued to the promoters and promoter group of the company, it added.

"Post allotment of the bonus shares, the promoters' stake would be 75% while the public holding will be 25%," Omaxe said.

Promoters need to pare their stake to 75% for meeting the Sebi's guideline on minimum 25% public shareholding for private sector listed companies.

Sebi had cracked the whip on promoters of over 100 private sector firms, including Omaxe, for failing to attain minimum 25% public holding by June 3 deadline.

The regulator had ordered on June 4 to freeze their voting rights and corporate benefits and bar them from holding any new position on boards of listed firms.