Puravankara founder gets bids worth $31 mln in share sale
MUMBAI (Reuters) - The founder of real estate company Puravankara Projects Ltd got bids worth 1.7 billion rupees by selling shares to meet the market regulator's requirement of having at least 25 percent public shareholding.
By 3.30 p.m. (1000 GMT), the single-day sale to investors had received bids for 20.6 million shares at an average price of 81.52 rupees each, provisional data from the Bombay Stock Exchange showed on Friday.
Ravi Puravankara, the company's founder, was selling a 6.62 percent stake, or 14.1 million shares, in the company at a floor price of 81 rupees each. Shares in Puravankara ended down 2.12 percent at 83.10 rupees.
Founders of all listed Indian companies have to ensure a minimum 25 percent public shareholding by end-June to meet a new directive of the market regulator, The Securities and Exchange Board of India (SEBI).
(Reporting by Aditi Shah; Editing by Anand Basu)