Federal-Mogul Goetze corrects after commencement of OFS by promoter

Federal-Mogul Goetze (India) fell 3.60% to Rs 336.25 after the offer for sale (OFS) opened for non-retail investors today.

Through the OFS, the company's promoter IEH FMGI Holdings LLC proposes to sell 1,15,43,531 shares, constituting 20.75% paid-up share capital of the company.

The promoter needs to bring down his stake to 75% by January 2021. As per the latest shareholding pattern, the promoter holds 96.82% stake in the company. IEH FMGI Holdings LLC held 1,21,45,391 shares or 21.83% stake in the company as on 30 September 2020.

The floor price for the OFS was set at Rs 335 per shares, at a 3.96% discount to Federal-Mogul's closing price of Rs 348.8 on Wednesday, 9 December 2020.

 

The OFS opened on Thursday (10 December 2020) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Friday (11 December 2020).

A total of 10% of the offer size, aggregating to 11,54,354 shares, has been reserved for retail investors.

As on 12:05 IST, the OFS received subscription for 1,53,180 shares or 1.47% against the base non-retail offer size of 1,03,89,177 shares.

Federal-Mogul Goetze (India) is engaged mainly in the business of manufacture, supply and distribution of automotive components used in two/three/four wheeler automobiles.

The company's consolidated net profit jumped 19.5% to Rs 11.01 crore on a 6.7% rise in net sales to Rs 276.43 crore in Q2 FY21 over Q2 FY20.

On a year-to-date (YTD) basis, the stock has lost 48.63% while the benchmark Sensex has risen 10.92% during the same period.

Powered by Capital Market - Live News