Tata Teleservices (Maharashtra) or TTML is locked in upper circuit of 10% at Rs 6.64 after the company said its board propose to issue bonus shares to public shareholders to meet the minimum public shareholding requirement.
“The board of directors of the company has propose to issue bonus shares with the promoter/promoter group forgoing their entitlement to the bonus shares, in order to comply with the minimum public shareholding requirement,” TTML said in a statement.
Tata Sons, the promoter of TTML had managed to sell 0.51% of its stake through offer for sale (OFS) due tepid response from investors.
Market regulator SEBI's norms require all listed private sector companies to have at least 25% public shareholding. As on June 3, 2013, the promoters held 77.21% stake in the company.
The stock opened at Rs 6.15 and hit a low of Rs 6.05 in morning deals on NSE. A combined 4.25 million shares have changed hands on the counter and there are pending buy orders for 4.8 million shares on NSE and BSE at 1248 hours.
“The board of directors of the company has propose to issue bonus shares with the promoter/promoter group forgoing their entitlement to the bonus shares, in order to comply with the minimum public shareholding requirement,” TTML said in a statement.
Tata Sons, the promoter of TTML had managed to sell 0.51% of its stake through offer for sale (OFS) due tepid response from investors.
Market regulator SEBI's norms require all listed private sector companies to have at least 25% public shareholding. As on June 3, 2013, the promoters held 77.21% stake in the company.
The stock opened at Rs 6.15 and hit a low of Rs 6.05 in morning deals on NSE. A combined 4.25 million shares have changed hands on the counter and there are pending buy orders for 4.8 million shares on NSE and BSE at 1248 hours.
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