Hydro S&S Industries rallies on strong response for OFS

The stock rallied 17% to Rs 254 on BSE.

Hydro S&S Industries has rallied 17% to Rs 254 on BSE after the promoter’s offer Thursday to sell 3.76% stake in the company has received strong response.

The Hydro S&S Industries issue oversubscribed nearly seven times has received 1.66 million bids as against 0.24 million on the block through the Offer for Sale (OFS) according to the stock exchange data.

The promoters received bids at indicative price of Rs 184.55 per share for non retail section against floor price of Rs 169 per share, provisional data from the BSE showed. Retail Investors will be allocated sale shares at a discount of 5% to the bid price.

On January 15, 2015, Kingfa SCL and Tech Co Ltd, the promoter and holding company of Hydro S&S Industries proposed to sell 241,070 equity shares representing 3.76% of the equity share capital of the company to meet the Sebi's requirement of having at least 25% public shareholding mandatory for private listed companies.

The stock opened at Rs 211 and hit a high of Rs 261 on BSE. The trading volumes on the counter jumped more than five-fold with a combined 108,569 shares changed hands till 1327 hours on BSE and NSE.