Sona Koyo shares slip after share sale begins

Shares of Sona Koyo Steering Systems today settled in the negative territory on the bourses after the company set Rs 85 per equity shares as the floor price for the offer of sale that began today.

On the BSE, the shares of the company opened on a bearish note at Rs 93, then lost further ground to touch an early low of Rs 89.45, down 8.86 per cent over its previous closing price. At the end of today's trading session, the stock was quoted at Rs 97.50, down 0.66 per cent.

On the NSE, the stock opened at Rs 90.80, then fell to a low of Rs 89.55, down 8.85 per cent over its last close. The stock finally settled for the day at Rs 96.95, down 1.32 per cent.

The company in a regulatory filing yesterday said, JTEKT Corporation proposes to sell up to an aggregate of 35,14,879 equity shares representing 1.77 per cent of the total paid up equity share capital of the company on April 6, (for non-retail investors) and on April 9 (for retail investors).

The floor price of the offer stood at Rs 85 per equity share, the filing added. The floor price was 13.39 per cent discount to the closing price of April 5 at Rs 98.15 on the BSE.

Till the December quarter, JTEKT Corporation held 70.45 per cent stake in the company, while Maruti Suzuki India had 6.94 per cent stake in the auto component maker.