MUMBAI (Reuters) - Founders of real estate company Omaxe Ltd raised about 503 million rupees by selling a part of their stake in the company to meet the market regulator's requirement of having at least 25 percent public shareholding mandatory for Indian listed companies by end-June.
By 3.30 p.m., the single-day sale to investors had received bids for 3.4 million shares at an average price of 148.77 rupees each, provisional data from the Bombay Stock Exchange showed.
Omaxe founders, who own 89 percent of the company, were selling a 2.88 percent stake or 5 million shares at 148 rupees each.
Shares in Omaxe, which has a market value of about $520 million, ended down 7.45 percent at 152.25 rupees.
(Reporting by Aditi Shah; Editing by Anand Basu)
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