GE Vernova hits 5% lower circuit as promoter begins selling stake via OFS

GE Vernova T&D India shares were locked in a 5 per cent lower circuit at Rs 1820.85 per share on BSE. In comparison, the BSE Sensex was up 0.11 per cent at 80,199.66. The market capitalisation of the company stood at Rs 46,622.23 crore. 

 

The selling pressure in the stock can be attributed to the company's promoter Grid Equipments selling up to 8.38 per cent stake through an offer for sale (OFS). 

 

As per the filing, the promoter has proposed to sell 5.47 per cent of the paid up equity share capital which is equivalent up to 14,000,000 equity shares having a face value of Rs  2 (Base offer size) on November 26, 2024, for non-Retail Investors and on November 27, 2024, for retail investors.

 

In case of oversubscription, the green shoe option will be opted via which the promoter may sell 2.91 per cent of the paid up equity share capital.

 

"Up to 7,451,168 equity shares of the Company of the face value of Rs 2/- each, representing 2.91 per cemy of the total paid up equity share capital of the company (“Oversubscription Option”)," the filing read.

 

The floor price for the OFS is fixed at Rs 1,550 per share which is a discount of 19 per cent from the previous close. 

 

As of the September quarter, Grid Vernova holds a 59.08 per cent stake in the company, shows shareholding pattern on BSE. 

 

GE Vernova T&D India is the Indian division of GE Vernova, a global brand of General Electric (GE) focused on digital, sustainable energy solutions. Specifically, T&D stands for Transmission and Distribution, and GE Vernova T&D India focuses on providing advanced technologies for the transmission and distribution of electricity. It plays a crucial role in India’s energy transition, supporting the country's efforts to modernize and decarbonise its power infrastructure.

 

In the past one year, GE Vernova shares have gained 352.2 per cent against Sensex's rise of 21 per cent.