Omaxe tanks on opening of offer-for-sale
The promoters proposes to sell 5 million equity shares at floor price of Rs 148 per share today.
Omaxe has tanked 6% to Rs 155 after the promoter of real estate firm has fixed the floor price for proposed share sale at Rs 148 per share. The floor price is 10% discount to Monday’s closing price of Rs 164.
The stock opened at Rs 160 and touched low of Rs 152 on BSE. A combined around 105,817 shares changed hands on the counter till early noon deals on BSE and NSE.
The promoters of Omaxe, who hold 89.14% stake in the company, proposes to sell 5 million equity shares representing 2.88% of the total paid up equity share capital of the company through offer-for-sale (OFS) today.
After the sale of 5 million shares, promoter’s stake will come down by about 3% to about 86%.
“The promoters companies Constellation Capital and S A Finvest will sell 2.5 million shares each through OFS to dilute their stake in Omaxe to meet Sebi's minimum 25% public shareholding norms by June this year,” Omaxe said in a statement.
The stock opened at Rs 160 and touched low of Rs 152 on BSE. A combined around 105,817 shares changed hands on the counter till early noon deals on BSE and NSE.
The promoters of Omaxe, who hold 89.14% stake in the company, proposes to sell 5 million equity shares representing 2.88% of the total paid up equity share capital of the company through offer-for-sale (OFS) today.
After the sale of 5 million shares, promoter’s stake will come down by about 3% to about 86%.
“The promoters companies Constellation Capital and S A Finvest will sell 2.5 million shares each through OFS to dilute their stake in Omaxe to meet Sebi's minimum 25% public shareholding norms by June this year,” Omaxe said in a statement.