Elantas Beck tanks 20% as parent plan to cut stake in India arm
ELANTAS GmbH,a German promoter plans to cut stake in the company from the current 88.55% to comply with the SEBI norms on minimum public share holding requirements.
Elantas Beck was locked in lower circuit of 20% at Rs 829, also its 52-week low on BSE, after its German promoter plans to cut stake in the company from the current 88.55% to comply with SEBI norms on minimum public share holding requirements.
“ELANTAS GmbH, the promoter of Elantas Beck India has submitted to BSE a notice of Offer for Sale up to 1.07 million equity shares of Rs 10 each representing 13.55% of the equity share capital of Elantas Beck India, by promoter,” Elantas Beck said in a statement.
The sale would take place on the separate window of the BSE and would begin on February 11 (Monday) at 9.15 a.m. and close at 3.30 p.m. (normal market hours), it added. The company said the floor price of the sale would be announced after market hours on Friday.
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 1,000 and around 21,570 shares have changing hands on the counter so far on BSE. There are pending sell orders for 9,846 shares at 1308 hours.
“ELANTAS GmbH, the promoter of Elantas Beck India has submitted to BSE a notice of Offer for Sale up to 1.07 million equity shares of Rs 10 each representing 13.55% of the equity share capital of Elantas Beck India, by promoter,” Elantas Beck said in a statement.
The sale would take place on the separate window of the BSE and would begin on February 11 (Monday) at 9.15 a.m. and close at 3.30 p.m. (normal market hours), it added. The company said the floor price of the sale would be announced after market hours on Friday.
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 1,000 and around 21,570 shares have changing hands on the counter so far on BSE. There are pending sell orders for 9,846 shares at 1308 hours.