Elantas Beck plunges on fixing OFS price at discount
The promoter fixed floor price for the sale shares at Rs 650 per share, a much below than Monday's closing price of Rs 741.85.
Elantas Beck India has dipped over 12% to Rs 652 after the promoter fixed floor price for the sale shares at Rs 650 per share, a much below than Monday's closing price of Rs 741.85.
The stock of chemical manufacture has tanked 37% in past three trading sessions from Rs 1,037 on BSE after its German promoter, ELANTAS GmbH proposed to cut stake in the company through offer for sale (OFS) to comply with SEBI norms on minimum public share holding requirements.
Meanwhile, the OFS subscribed by 1.4 times with about 1.51 million shares, or 19% of the company's equity, were offered for sale on Monday at BSE through a separate window.
The stock opened at Rs 670 and has seen around 72,000 shares changing hands on the counter so far on BSE.
The stock of chemical manufacture has tanked 37% in past three trading sessions from Rs 1,037 on BSE after its German promoter, ELANTAS GmbH proposed to cut stake in the company through offer for sale (OFS) to comply with SEBI norms on minimum public share holding requirements.
Meanwhile, the OFS subscribed by 1.4 times with about 1.51 million shares, or 19% of the company's equity, were offered for sale on Monday at BSE through a separate window.
The stock opened at Rs 670 and has seen around 72,000 shares changing hands on the counter so far on BSE.
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First Published: Feb 12 2013 | 10:42 AM IST