Promoters of Udaipur Cement Works will sell 14.8 per cent of their stake in the company through the offer for sale (OFS) route.
JK Lakshmi Cement, Florence Investech and JK Paper Ltd, part of the promoter Group of Udaipur Cement Works, will sell 4,18,60,109 equity shares, representing 14.18 per cent of the equity share capital, through Offer for Sale, the company said in a communique to the BSE today.
"The sale of shares will be held on March 24, exclusively through the seller's broker on the separate window provided by BSE," the BSE filing said.
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At today closing price of Rs 13.73 apiece, the offer for sale would garner Rs 58 crore, which would be vital for the unit that was declared sick by BIFR and is under rehabilitation scheme since 2011.
Shares of Udaipur Cement Works today plunged by 5.05 per cent to end at Rs 13.73 on the BSE.
