Jaypee Infratech drops ahead of OFS by promoter

Jaiprakash Associates has propose to sell 27.86 million equity shares of the company via offer-for-sale (OFS) on January 24.

Jaypee Infratech has dipped almost 4% at Rs 51.20 after the company said that its promoter Jaiprakash Associates has propose to sell 27.86 million equity shares of the company via offer-for-sale (OFS) on tomorrow.

The stock opened at Rs 52.85 and hit a low of Rs 50.60 on NSE. A combined 210,826 shares have changed hands on the counter till 1038 hours on both the exchanges.

“Jaiprakash Associates has proposed to sell 26.86 million equity shares of face value of Rs 10 each of Jaypee Infratech on January 24, 2013 through a sale on the separate window provided by the stock exchanges for this purpose,” Jaypee Infratech said in a statement.

 

Further, the company has also kept the option of selling up to 70.62 million additional shares of Jaypee Infratech, it added.

The company will announce the floor price today after market hours between 4 p.m. and 6 p.m.

Currently, the promoters along with Jaiprakash Associates held 83.27% stake in the company, the BSE data shows.

Meanwhile, the analyst at Angel Broking has maintained “Accumulate” rating on the stock with a target price of Rs 100.