Oberoi Realty drops after OFS

Oberoi Realty lost 4.12% to Rs 167.50 at 12:23 IST on BSE after a promoter pared his stake in the realty firm by 3.49% through OFS on Thursday, 26 September 2013.

Meanwhile, the S&P BSE Sensex was down 68.08 points or 0.34% at 19,825.77

On BSE, 37,776 shares were traded in the counter as against average daily volume of 18,688 shares over the past one quarter.

The stock hit a high of Rs 175 and a low of Rs 165.15 so far during the day. The stock had hit a record high of Rs 327.70 on 21 January 2013. The stock had hit a 52-week low of Rs 154 on 4 September 2013.

The stock had underperformed the market over the past one month till 26 September 2013, rising 2.22% compared with the Sensex's 7.2% rise. The scrip had also underperformed the market in past one quarter, falling 9.39% as against Sensex's 7.23% rise.

The company has equity capital of Rs 328.23 crore. Face value per share is Rs 10.

Shares of Oberoi Realty had gained 4.7% to Rs 174.70 on Thursday, 26 September 2013 on good demand for OFS of Vikas Oberoi, the promoter of Oberoi Realty. Vikas Oberoi had put on offer 1.14 crore equity shares, representing 3.49% of the equity share capital of the company, via Offer for Sale (OFS) on the separate windows provided by the stock exchanges on Thursday, 26 September 2013. The floor price for the OFS was set at Rs 158 per share.

The OFS got bids for 1.85 crore shares, compared with 1.14 crore shares on offer. The OFS was subscribed 162.39% at an indicative bid price of Rs 166.93 per share. The company said the clearing price up to which the bids have been considered for allocation is Rs 167.50 per share in the OFS. The bids at or above the clearing price of Rs 167.50 have been considered for allocation, the company said.

Following the stake sale through OFS, promoter holding in Oberoi Realty declined to 75%. Market regulator Sebi has stipulated that private companies should boost their public shareholding to atleast 25%.

Oberoi Realty's consolidated net profit rose 1% to Rs 101.82 crore on 6.4% growth in net sales to Rs 210.33 crore in Q1 June 2013 over Q1 June 2012.

Oberoi Realty is a real estate developer headquartered in Mumbai.

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