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Ingersoll-Rand corrects as OFS begins

Capital Market 

Ingersoll-Rand (India) fell 2.63% to Rs 640.20 as the offer for sale (OFS) opened for non-retail investors today.

Through the OFS, the company's promoter propose to sell over 14.25 lakh shares, constituting 4.52% paid-up share capital of the company.

The floor price for the OFS was set at Rs 578.60 per shares, a 12% discount to Ingersoll-Rand's closing price of Rs 657.5 on Monday, 23 November 2020.

The OFS opened on Tuesday (24 November 2020) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Wednesday (25 November 2020).

A total of 10% of the offer size, aggregating to over 1.42 lakh shares, has been reserved for retail investors. The company will offer 12% discount on the cut-off price to retail investors.

At 12:15 IST, the OFS received subscription for 4,89,863 shares or 37.36% against the offer size of 12.83 lakh shares for non retail investors.

Ingersoll-Rand (India) is primarily engaged in the business of manufacturing and sale of industrial air compressors of various capacities and related services, and its complete machines and spare parts.

The company's net profit declined by 19.5% to Rs 18.30 crore on a 13.5% fall in net sales to Rs 148.19 crore in Q2 FY21 over Q2 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, November 24 2020. 12:03 IST