The sale of 28.92 lakh shares of Kennametal India by its promoters was oversubscribed today.
According to the data available with the BSE, where the share sale took place, the offer received bids for 58.65 lakh shares at an indicative price of Rs 476.62 a share against the floor price of Rs 435.
Based on the indicative price, the sale of 28.92 lakh shares would fetch the promoter firm US-based Kennametal Inc, about Rs 138 crore.
The share sale took place at a separate window of the BSE between 9.15 am and at 3.30 pm.
The promoters of the company had yesterday set the floor price for selling the shares at Rs 435 per share, a 18.46 per cent discount to current rates, through an offer for sale route.
Kennametal India's scrips today settled at Rs 485.15 per share, down 9.06 per cent over the last closing in BSE.
It had said Kennametal Inc held 88.16 per cent holding in Kennametal India. The stake sale could be intended at lowering its stake to meet the minimum public float norms stipulated by market regulator, SEBI.
Kennametal India manufactures hard metal products and machine tools for use in the manufacturing, auto, and general engineering industries.
