DB Corp is trading lower by 1.4% at Rs 214, falling almost 5% from intra-day high, after the company said that its promoters are planning to offload their 8% stake in the company through Offer For Sale (OFS) route.
“Smt Jyoti Agarwal and Shri R C Agarwal propose to sell an aggregate 11.93 million shares of the company on November 9, 2012 through OFS. The banks appointed for the same are Kotak Mahindra and Citibank,” DB Corp said in a statement.
The promoters are currently holding 81.51% stake in DB Corp, which publishes newspapers in four languages across 13 states in the country. The move to pare stake comes in compliance with the norms set by market watchdog Sebi, according to which the promoter holding in a company is to be brought down to 75%.
The stock opened at Rs 216 and hit a high of Rs 225 on the NSE. A combined 10,618 shares have changed hands on the counter so far on both the exchanges.
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