Omaxe's 50 lakh share sale via OFS under-subscribed

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Realty firm Omaxe Ltd's offer to sell promoters' 50 lakh equity shares, worth about Rs 74 crore, was today under-subscribed as it received bids for only 67.97% of the scrips on sale.

Omaxe's share price fell by 7.24% on the BSE to close at 152.40 a piece.

The company launched Offer For Sale (OFS) on the BSE today in order to meet the 25% minimum public shareholding norm of market regulator Sebi. Omaxe promoters hold 89.14% stake in the company.

The promoters' two firms Constellation Capital and S A Finvest offered 25 lakh shares each, comprising 2.88% of the total paid up equity share capital of the company, at a floor price of Rs 148 per share.

As per the data available with BSE till the closing time of 3.30pm, the company had received bids for only 33,98,385 shares, which is 67.97% of the offer.

Overall, the BSE 30-stock index, Sensex, declined by 112 points on profit-booking amid a weak trend in the global equity markets.