Jaypee Infratech has dipped 8% to Rs 36.50, after its promoter has fixed the floor price for stake sale at Rs 35 per share, which is at 12% discount to Tuesday’s closing price of Rs 39.70 on BSE.
Jayprakash Associates, the promoter of the company plans to offload around 120 million shares representing 8.96% of total equity of the company through offer-for-sale (OFS) today to meet the Securities and Exchange Board of India (Sebi) norms on minimum public shareholding norms.
Currently, the promoter holds 83.27% stake in infrastructure development firm. According to the Sebi norms all private sector companies need to have minimum 25% public shareholding by June 30.
The stock opened at Rs 37.65 and hit a low of Rs 36.10 on BSE. A combined 551,188 shares have changed hands on the counter in early morning deals on BSE and NSE.
Jayprakash Associates, the promoter of the company plans to offload around 120 million shares representing 8.96% of total equity of the company through offer-for-sale (OFS) today to meet the Securities and Exchange Board of India (Sebi) norms on minimum public shareholding norms.
Currently, the promoter holds 83.27% stake in infrastructure development firm. According to the Sebi norms all private sector companies need to have minimum 25% public shareholding by June 30.
The stock opened at Rs 37.65 and hit a low of Rs 36.10 on BSE. A combined 551,188 shares have changed hands on the counter in early morning deals on BSE and NSE.
