Omaxe promoters to sell 50 lakh shares via OFS at Rs 148/share

Realty firm Omaxe's promoters will sell 50 lakh shares through Offer For Sale (OFS) tomorrow at a floor price of Rs 148 a share to raise upto Rs 74 crore.

The promoters companies Constellation Capital and S A Finvest will sell 25 lakh shares each through OFS to dilute their stake in Omaxe to meet Sebi's minimum 25% public shareholding norms by June this year.

In a filing to the BSE, Omaxe said the floor price for the offer would be Rs 148 per share, which is lower than the current price.

The share price settled at Rs 164.30 apiece, up by 1.77% than the previous closing.

Promoters would offer 50 lakh shares, representing 2.88% of the paid-up capital of the company.

As on March 31, promoters had 89.14% stake in the company. After the sale of 50 lakh shares, promoters stake will come down by about 3% to about 86%.

Sources said the promoters would offload more shares later to meet the June deadline for reducing their stake to 75%.

Omaxe is possibly the first real estate company to opt for the OFS route to offload promoter shares. Under OFS mechanism, promoters auction their existing shares to bring down their stake in a company.