3M India has tanked 10.5% to Rs 3,350, also its 52-week low on NSE, after the company said it received a letter from 3M Company US, the promoter of the company about their intention to off load 1% of their holding to meet minimum public shareholding norm.
“The company received a letter from 3M Company US through e-mail addressed to the Managing Director of the Company about their intention to off load 1% of their holding and thereby to comply with the minimum public shareholding by all listed companies as prescribed by SEBI,” 3M India said in a statement.
Promoter holds 76% stake in the company as on December 31, 2012, the shareholding pattern data shows.
The market regulator Sebi has made it mandatory for the promoters of listed companies to prune their holding to a maximum of 75% by June this year so that a minimum 25% public shareholding can be maintained in listed private companies.
The stock opened at Rs 3,791 and has seen a combined around 3,885 shares changing hands on the counter so far on NSE and BSE.
“The company received a letter from 3M Company US through e-mail addressed to the Managing Director of the Company about their intention to off load 1% of their holding and thereby to comply with the minimum public shareholding by all listed companies as prescribed by SEBI,” 3M India said in a statement.
Promoter holds 76% stake in the company as on December 31, 2012, the shareholding pattern data shows.
The market regulator Sebi has made it mandatory for the promoters of listed companies to prune their holding to a maximum of 75% by June this year so that a minimum 25% public shareholding can be maintained in listed private companies.
The stock opened at Rs 3,791 and has seen a combined around 3,885 shares changing hands on the counter so far on NSE and BSE.