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Endurance Technologies OFS opens for non-retail; stock falls 10%

The stock dipped 10 per cent to Rs 1,140 on the BSE in intra-day trade

SI Reporter  |  Mumbai 

A reviving two-wheeler mkt is shaping the fortune of this component maker

The shares of dipped 10 per cent to Rs 1,140 on the in intra-day trade on Wednesday as promoter Anurang Jain's in the company through (OFS) route opened for bidding today.

Jain plans to sell 6.36 million equity shares, representing 4.42 per cent of the company's total equity, with an option to additionally sell 4.19 million shares or 2.98 per cent (in case of oversubscription) at a floor price of Rs 1,100 per share.

The move is aimed at reducing promoters’ stake to meet the Securities and Exchange Board of India’s (SEBI) minimum public shareholding norm of 75 per cent. Currently, the promoters hold 82.50 per cent stake in the auto ancillary company.

The is open for non-retail investors on March 6 and to retail investors on Thursday.

At 10:02 am, was trading 9 per cent lower at Rs 1,152 on the In comparison, the S&P was up 0.41 per cent at 36,591 points. A combined 338,133 equity shares changed hands on the counter on the and BSE so far.

First Published: Wed, March 06 2019. 10:05 IST