Wabco India slips as OFS opens for non-retail investors

Wabco India fell 1.37% to Rs 7072.55 after the offer for sale (OFS) opened for non-retail investors today, 25 August 2021.

Through the OFS, the company's promoter ZF International UK proposes to sell up to 3,80,432 equity shares (representing 2.01% stake) of the company.

The floor price for the OFS is Rs 6,900 per equity share, a 3.78% discount to Wabco India's closing price of Rs 7170.85 on Tuesday, 24 August 2021.

ZF International UK held 3,80,432 equity shares, representing 2.01% stake, of the company as on 30 June 2021.

The OFS opened on Wednesday (25 August 2021) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Thursday (26 August 2021). A total of 10% of the total offer size is reserved for retail investors.

As on 13:45 IST, the OFS received subscription for 34,260 shares. It was subscribed 10.01% on the non-retail offer size of 3,42,388 shares.

The company reported a net profit of Rs 21.38 crore in Q1 FY22 as against a net loss of Rs 31.36 crore in Q1 FY21. Net sales during the quarter increased by 196.39% to Rs 491.92 crore as against Rs 165.97 crore during the previous quarter ended June 2020.

WABCO India manufactures automotive parts. The company produces electronic braking, stability, and suspension and transmission control systems for heavy-duty commercial trucks, trailers and buses.

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