Gillette India hits 52-week low on promoter stake sale plan
The company said it is taking steps to increase its public shareholding to 25% as directed by Sebi.
Gillette India has tanked 7% to Rs 2,122 after the company said it is taking steps to increase its public shareholding to 25%, as directed by the market regulator Securities and Exchange Board of India (Sebi).
“The company has moved the Securities Appellate Tribunal over interpretation of a proposal made by the company to achieve compliance with the minimum public shareholding requirement under the Securities Contract (Regulations) Rules 1957 and the Listing Agreement, by way of an offer to sell down shares, thus increasing public shareholding in the company to the prescribed 25% level,” Gillette India said in a filing.
Sebi has made it mandatory for the promoters of listed companies to prune their holding to a maximum of 75% by June this year. The promoters, along with Procter & Gamble India Holdings B V, currently hold 88.76% stake in personal products maker, BSE data shows.
The stock opened at Rs 1,850, also its 52-week low on NSE, and has seen a combined around 19,000 shares changing hands on the counter so far on both the exchanges.
“The company has moved the Securities Appellate Tribunal over interpretation of a proposal made by the company to achieve compliance with the minimum public shareholding requirement under the Securities Contract (Regulations) Rules 1957 and the Listing Agreement, by way of an offer to sell down shares, thus increasing public shareholding in the company to the prescribed 25% level,” Gillette India said in a filing.
Sebi has made it mandatory for the promoters of listed companies to prune their holding to a maximum of 75% by June this year. The promoters, along with Procter & Gamble India Holdings B V, currently hold 88.76% stake in personal products maker, BSE data shows.
The stock opened at Rs 1,850, also its 52-week low on NSE, and has seen a combined around 19,000 shares changing hands on the counter so far on both the exchanges.