Three companies file for IPP

Share of sales is in compliance with minimum public shareholding norms of Sebi

DLF, Purvankara Projects and State Bank of Mysore have filed for share of sales through the Institutional Placement Programme (IPP) with the capital market regulator.

The share of sales is in compliance with the minimum public shareholding norms of Sebi which has mandated companies to bring down the promoter shareholding to 75%.

The largest issue size is of DLF which proposes to put on offer 8.1 crore shares, followed by Purvankara Projects which has on offer 2.1 crore shares and State Bank of Mysore which will offer 12 lakh shares.

At present, the promoter holding in DLF stands at 78.58%. Promoters in Purvankara own 89.9% in the company, while State Bank of Mysore promoters hold a stake of 92.33%.

The stock price of State Bank of Mysore ended the day at Rs 573.30 per share, marginally down by 0.5%. DLF and Purvankara's share prices rose by 2.72% and 2.01% to Rs 249.95 and Rs 99.10.