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Puravankara Projects' offer for sale issue was over subscribed 1.46 times on Friday. At a clearing price of Rs 81 per share, the Bangalore-based real estate developer managed to raise about Rs 115 crore through the sale of 1.4 shares. This constitutes about 6.6% of the total promoter share-holding.
This is the second stake-sale by the company's promoters in the last two days. On Thursday, the company sold about 2.3 crore shares, raising nearly Rs 201 crores through an Institutional Placement Programme (IPP). The IPP share-sale helped the company dilute 11.1% of its total promoter-shareholding. The promoters of the company, through both the OFS and IPP routes, have managed to pare down their stake by 17.7% to 72.2%.
Sebi, in August 2010 via an amendment to the Securities Contracts (Regulation) Rules, had mandated companies to ensure that the minimum public shareholding (MPS) at 25% for private companies and at 10% for PSUs. Private-sector companies have to comply with the norms before June 3, 2013, while public-sector companies have to comply before August 9, 2013.
According to a report by Kotak Securities, 44 OFSs and 8 IPPs have so far hit the Indian markets raising about Rs 49,500 crores through the issue of shares since the MPS mandate was issued by Sebi. 75 private and 12 public sector companies are yet to comply with the norms. This means that additional share-sales worth Rs 10,500 crores are likely to hit the market over the next few days.
