Omaxe is trading lower by 3% at Rs 147, extending its previous day’s 7.3% fall after the promoter of real estate firm got poor response for its share sale offer.
The promoter’s 5 million equity shares sale offer via offer-for-sale (OFS) on Tuesday was undersubscribed with roughly a third of the stocks recording no bids.
The promoters had received bids for 3.4 million shares at an average price of Rs 148.77 each, provisional data from the Bombay Stock Exchange (BSE) showed. The issue was subscribed by 67%.
The promoter who own 89% of the company, had proposed to sell a 2.88% stake at Rs 148 to meet the Sebi's requirement of having at least 25% public shareholding mandatory for private listed companies by end-June.
The stock opened at Rs 149 and has seen a combined around 25,500 shares changing hands on the counter till 0949 hours on BSE and NSE.
The promoter’s 5 million equity shares sale offer via offer-for-sale (OFS) on Tuesday was undersubscribed with roughly a third of the stocks recording no bids.
The promoters had received bids for 3.4 million shares at an average price of Rs 148.77 each, provisional data from the Bombay Stock Exchange (BSE) showed. The issue was subscribed by 67%.
The promoter who own 89% of the company, had proposed to sell a 2.88% stake at Rs 148 to meet the Sebi's requirement of having at least 25% public shareholding mandatory for private listed companies by end-June.
The stock opened at Rs 149 and has seen a combined around 25,500 shares changing hands on the counter till 0949 hours on BSE and NSE.
