Omaxe promoters to sell shares tomorrow to meet Sebi norm

Floor price for OFS has been fixed at Rs 135 per share

Realty firm Omaxe Ltd today said its promoters would sell tomorrow over 1.52 crore shares at Rs 135 per shares through stock exchanges to dilute their stake in order to meet market regulator SEBI's norms on minimum public shareholding.

In a filing to the BSE, Omaxe said that the floor price for Offer For Sale (OFS) has been fixed at Rs 135 per share, which is lower than the today's closing price of Rs 141.85.

At the floor price, promoters would raise about Rs 206 crore through OFS if it is fully subscribed.

The promoter companies Constellation Capital, Kautilya Monetary Services and S A Finvest would sell up to 75 lakh, 12.5 lakh and 65 lakh equity shares of the realty firm through OFS route.

Total shares offered through OFS stand at 1,52,50,000 representing 8.79% of the total paid-up equity share capital of the company as on date.

Promoters have 83.79% stake in the company. They need to pare their stake to 75% for meeting the market regulator SEBI's guideline on minimum 25% public shareholding for private sector listed companies.

The promoters are selling shares through OFS for the third time this year. In the first two rounds, promoters were able to reduce their stake only by about five% as the issues were under-subscribed.

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.