Omaxe drops as floor price for OFS set at discount

Omaxe lost 2.82% to Rs 137.85 at 10:13 IST on BSE as the floor price for the offer for sale of shares by the promoters was set at a discount of 4.82% to the stock's closing price on Thursday, 26 September 2013.

Meanwhile, the S&P BSE Sensex was down 77.02 points or 0.39% at 19,816.83.

On BSE, 18,000 shares were traded in the counter as against average daily volume of 1.81 lakh shares in the past one quarter.

The stock hit a high of Rs 140 and a low of Rs 137.60 so far during the day. The stock had hit a 52-week low of Rs 136 on 21 June 2013. The stock had hit a 52-week high of Rs 171.20 on 4 October 2012.

The stock had underperformed the market over the past one month till 26 September 2013, gaining 0.96% compared with the Sensex's 7.2% rise. The scrip also underperformed the market in past one quarter, advancing 2.64% as against Sensex's 7.23% rise.

The company has equity capital of Rs 173.57 crore. Face value per share is Rs 10.

Omaxe's promoters are selling 1.52 crore equity shares, representing 8.79% of the total paid-up equity share capital of the company, via Offer for Sale (OFS) through stock exchanges today, 27 September 2013, to dilute their stake in order to meet market regulator Sebi's norms on minimum public shareholding. The floor price for the OFS was set at Rs 135 per share after market hours on Thursday, 26 September 2013. The floor price was at a discount of 4.82% to the stock's closing price of Rs 141.85 on Thursday, 26 September 2013.

Total promoter holding in Omaxe stood at 83.79% as at 30 June 2013.

Omaxe's consolidated net profit rose 4.7% to Rs 19.03 crore on 9.2% growth in net sales to Rs 396.64 crore in Q1 June 2013 over Q1 June 2012.

Omaxe is one of the leading real estate companies and a diversified infrastructure conglomerate.

Powered by Capital Market - Live News