Federal-Mogul rises 2% in two days

Federal-Mogul Goetze (India) rose 0.87% to Rs 323.4, rising for second consecutive trading session.

Shares of Federal-Mogul have gained 2.16% in two days from its previous closing low of Rs 316.55 on 11 December 2020.

The company's latest concluded Offer for Sale (OFS) received a weak response. Through the OFS, the company's promoter IEH FMGI Holdings LLC offered 1,15,43,531 shares, constituting 20.75% paid-up share capital of the company.

The promoter needs to bring down his stake to 75% by January 2021. As per the latest shareholding pattern, the promoter group holds 96.82% stake in the company.

The floor price for the OFS was set at Rs 335 per shares, at a 3.96% discount to Federal-Mogul's closing price of Rs 348.8 on 9 December 2020.

The OFS opened on Thursday (10 December 2020) for non-retail investors, while both retail as well as non-retail investors were allowed to subscribe on Friday (11 December 2020). A total of 10% of the offer size, aggregating to 11,54,354 shares, was reserved for retail investors.

On 10 December, the OFS received subscription for 17,681 shares against the base non-retail offer size of 1,03,89,177 shares. On 11 December, the OFS received subscription for 22,581 shares against the base retail offer size of 11,54,354 shares.

Federal-Mogul Goetze (India) is engaged mainly in the business of manufacture, supply and distribution of automotive components used in two/three/four wheeler automobiles.

The company's consolidated net profit jumped 19.5% to Rs 11.01 crore on a 6.7% rise in net sales to Rs 276.43 crore in Q2 FY21 over Q2 FY20.

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