Tata Teleservices (Maharashtra) or TTML has surged 12% to Rs 9.05 on BSE after its promoter Tata Sons decided to cancel its offer-for-sale (OFS) of shares in the company.
The stock opened at Rs 8.55 and has seen a combined 3.54 million shares changing hands on the counter till 1316 hours on BSE and NSE.
Tata Sons, the holding company of TTML on May 15, had proposed to sell a 51.6 million equity shares or 2.72% stake to meet the minimum public shareholding norms. All listed private sector companies must have at least 25% public shareholding by June 30, 2013.
The promoters of TTML currently hold a 77.72% stake in the company while 22.28% is held by public.
According to information available at stock exchanges website, only 84.5% of the issue was subscribed at 30% below the floor price.
The promoters received bids for 43.6 million shares against an offer of 51.6 million shares at an indicative price of Rs 5.67. Tata Sons fixed the floor price at Rs 8.90.
The stock opened at Rs 8.55 and has seen a combined 3.54 million shares changing hands on the counter till 1316 hours on BSE and NSE.
Tata Sons, the holding company of TTML on May 15, had proposed to sell a 51.6 million equity shares or 2.72% stake to meet the minimum public shareholding norms. All listed private sector companies must have at least 25% public shareholding by June 30, 2013.
The promoters of TTML currently hold a 77.72% stake in the company while 22.28% is held by public.
According to information available at stock exchanges website, only 84.5% of the issue was subscribed at 30% below the floor price.
The promoters received bids for 43.6 million shares against an offer of 51.6 million shares at an indicative price of Rs 5.67. Tata Sons fixed the floor price at Rs 8.90.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%