Omaxe drops on weak investor response for OFS

Meanwhile, the S&P BSE Sensex was down 135.80 points or 0.69% at 19,624.50.

On BSE, 3.15 lakh shares were traded in the counter as against average daily volume of 1.51 lakh shares in the past two weeks.

The stock hit a high of Rs 146 and a low of Rs 140.85 so far during the day.

Omaxe's promoters had put on block 2.11 crore shares constituting 12.19% stake of the company through Offer for Sale (OFS) via the stock exchanges mechanism today, 3 June 2013. The OFS opened at 9:15 IST today and closed at 15:30 IST.

As at 15:15 IST, the OFS got bids for 58.73 lakh shares, compared with 2.11 crore shares on offer, as per data from the stock exchanges. The OFS was subscribed 27.76% at an indicative bid price of Rs 141.15 per share. The floor price for OFS was fixed at Rs 140 per share.

As on 31 March 2013, promoters held 89.14% stake in Omaxe.

Omaxe's consolidated net profit surged 50.3% to Rs 35.66 crore on 12.7% growth in net sales to Rs 675.50 crore in Q4 March 2013 over Q4 March 2012.

Omaxe is one of the leading real estate companies and a diversified infrastructure conglomerate. The company is currently undertaking 52 projects across verticals.

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