 "Wabco, Den Networks' OFS fully subscribed; Hathway 40%")
The share sale by promoters in Wabco India saw 3x the demand as compared to the number of shares on offer, with Reliance Industries-led Den Networks and Hathway Cable seeing subscription of 1.06x and 0.4x, respectively.
All three offers for sale (OFS) were launched by promoters who intend to comply with the 25 per cent minimum public shareholding norms.
At present, the promoter holding in all three companies is far in access of 75 per cent — the maximum threshold permitted.
Wabco’s OFS closed on Friday, while those of Den and Hathway will close on Tuesday.
Wabco had set the base price of Rs 5,450 for the OFS.
However, most of the bids came in at Rs 6,067. Shares of Wabco on Friday ended at Rs 6,240, up 10.6 per cent.
Bids in the Den and Hathway OFS came close to their base price of Rs 48.5 and Rs 25.3, respectively.
Shares of both companies plunged in secondary market trading. The Den stock closed at Rs 50, down 8 per cent, while Hathway shares fell 10.5 per cent to end at Rs 25.6.
In an event of the promoter holding going past the permitted 75 per cent following an open offer, the promoter has a one-year time period to pare their holding to below 75 per cent.
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