Disa India extends fall after promoter plans to cut stake

Disa India is trading lower by 4% at Rs 2,411, extending yesterday’s 8% drop, after the company’s promoter said that it will offload 173,483 shares in the company through offer for sale route on the BSE on today.

“The floor price will be disclosed on 20th Nov 2012 after market hours,” Disa India said in a statement.

The promoters – Disa Holding AG and Disa Holding A/S have collectively hold 86.49% stake in the company. The promoter proposed to sell around 11.45% of its equity to meet the minimum public shareholding norm of 25% by SEBI.

The stock opened at Rs 2,450 and hit a low of Rs 2,392 on the BSE. Around 970 shares have changed hands on the counter so far.