Wendt (India) tumbled 5.34% to Rs 2967.80 after Carborundum Universal and Wendt GmBH, the promoters of the company, decided to withdraw the proposed offer for sale (OFS) of shares.
In a BSE filing made before market hours today, the Murugappa Group company said that due to delay in transfer of the sale shares as required under the SEBI OFS circulars, it has decided to withdraw the OFS.
On Monday (21 December 2020), Carborundum Universal and Wendt GmBH proposed to sell upto 94,704 equity shares, or 4.74% stake of Wendt (India) via an OFS on 22nd and 23rd of December 2020. The floor price for the OFS was set at Rs 2,200 per share, at a discount of 29.83% to Wendt's closing price of Rs 3135.20 apiece.
Shares of Wendt (India) have lost 11.61% in two sessions from its recent closing high of Rs 3,333 on 18 December 2020.
Wendt India in the business of super abrasives, machine tools and precision components. The company's consolidated net profit declined by 44.3% to Rs 2.79 crore on a 23.3% fall in net sales to Rs 32.46 crore in Q2 FY21 over Q2 FY20.
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