Share sales worth Rs 900 crore hit the market

Sharp India, IO System, Aunde India, Monnet Project Developers, Sun TV and Jaypee Infratech are going through with OFSS

Share sales worth Rs 900 crore of six companies went on the floor on Wednesday. Between these six companies a total of 17 crore shares will be offloaded through the offer for sale route. Sharp India, IO System, Aunde India, Monnet Project Developers, Sun TV Network and Jaypee Infratech are the six companies going through with the OFSS in a bid to comply with the minimum public shareholding (MPS) norms.

The capital market regulator, Sebi, has asked companies to comply with the MPS norms by June 3, 2013 for private companies and by August 9, 2013 for public companies. Over the next few days, a slew of private sector companies will come out with their OFSs to achieve compliance with the norms. Some of the big names looking to launch their OFSS are Jet Airways, Adani Enterprises, Novartis India, Essar Shipping, among others.

The floor price for Aunde India will only be declared after market hours on Wednesday. Its indicative price for the share-sale is Rs 33.75 per share. The indicative prices of Jaypee Infratech is Rs 35.02 per share as against a floor price of Rs 35. Monnet Project Developpers has set its indicative price at Rs 32.59 per share while the floor price is Rs 32.

Sharp India has set a floor price of Rs 11 per share, while its indicative price is Rs 12.67 per share. SUN TV Network has fixed its indicative price at Rs 408.07 per share as against a floor price of Rs 403.

The bids for the share-sales were still on at the time of writing. All issues will be open for only one day.

The BSE Sensex was down 0.3% from its previous close and trading at 20,098. The NSE Nifty was down 0.4% and trading at 6086.