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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%