Linde India slips on parent stake sale plan
The BOC Group proposes to sell a portion of its equity shares in the company through one or more offers for sale.
Linde India (formerly BOC India) is locked in lower circuit of 5% at Rs 270 on NSE after UK –based parent company, The BOC Group, announced its plan to reduce stake in the company from the current 89.48% to comply with the Securities and Exchange Board of India (SEBI) norms on minimum public share holding requirements.
“The BOC Group proposes to sell a portion of its equity shares in the company through one or more offers for sale (OFS) through stock exchanges to comply with the minimum public shareholding as per SEBI guidelines,” Linde India said in a regulatory filing.
According to the market regulator Sebi guidelines, the public shareholding in a company should be a minimum of 25% by June 3, 2013.
BOC UK has appointed Citigroup Global Markets India Private Limited as the sole broker for the OFS.
The stock opened at Rs 270 and has seen a combined 2,800 shares changing hands on the counter till 1125 hours. There are pending sell orders for 55,188 shares on NSE and BSE.
“The BOC Group proposes to sell a portion of its equity shares in the company through one or more offers for sale (OFS) through stock exchanges to comply with the minimum public shareholding as per SEBI guidelines,” Linde India said in a regulatory filing.
According to the market regulator Sebi guidelines, the public shareholding in a company should be a minimum of 25% by June 3, 2013.
BOC UK has appointed Citigroup Global Markets India Private Limited as the sole broker for the OFS.
The stock opened at Rs 270 and has seen a combined 2,800 shares changing hands on the counter till 1125 hours. There are pending sell orders for 55,188 shares on NSE and BSE.