Omaxe promoters to sell 1.1 cr shares tomorrow

In a filing to the BSE, Omaxe said the floor price for the Offer For Sale has been fixed at Rs 130 apiece

Promoters of realty firm Omaxe will sell tomorrow over 1.1 crore shares through stock exchange at Rs 130 apiece in order to meet market regulator Sebi's norms on minimum public shareholding.

 

In a filing to the BSE, Omaxe said the floor price for the Offer For Sale (OFS) has been fixed at Rs 130 apiece, which is at discount to the current market price of Rs 135.75.

 

Promoter group's three companies -- Constellation Capital, Kautilya Monetary Services and SA Finvest -- have offered to sell together 1,10,20,000 shares through OFS on BSE platform.

 

The offer represents 6.35 per cent of the total paid up share capital of the company as on date.

 

Promoters would raise Rs 143 crore if the OFS is fully subscribed.

 

Promoters currently have 81.35 per cent stake in Omaxe. They need to pare their stake to 75 per cent for meeting the market regulator Sebi's guideline on minimum 25 per cent public shareholding for private sector listed companies.

 

The promoters are selling shares through OFS for the fourth time this year as the issues were under-subscribed in the first three rounds.

 

Promoters had 89.14 per cent stake in the company as on March 31 and they have brought it down to 81.35 per cent after the three OFS.

 

Sebi had cracked the whip on promoters of over 100 private sector firms, including Omaxe, for failing to attain minimum 25 per cent public holding by June 3 deadline.

 

The regulator had ordered on June 4 to freeze their voting rights and corporate benefits and bar them from holding any new position on boards of listed firms.