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Business News/ Market / Stock-market-news/  Puravankara share sale subscribed 1.5 times
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Puravankara share sale subscribed 1.5 times

Offer to sell shares worth about ₹200 crore to institutional investors was over-subscribed

Puravankara Projects announced that it would launch Offer for Sale (OFS) on Friday. Photo: Pradeep Gaur/ Mint (Pradeep Gaur/ Mint )Premium
Puravankara Projects announced that it would launch Offer for Sale (OFS) on Friday. Photo: Pradeep Gaur/ Mint
(Pradeep Gaur/ Mint )

New Delhi: Realty firm Puravankara Projects Ltd’s offer to sell 2.37 crore shares, worth about 200 crore, to institutional investors was on Thursday over-subscribed, enabling the company pare promoters stake by 9% to meet SEBI norms on public shareholding.

The company also announced that it would launch Offer for Sale (OFS) on Friday where promoter Ravi Puravankara will sell over 1.41 crore shares at 81 per share, aggregating to about 115 crore. The Bangalore-based firm has launched Institutional Placement Programme (IPP) and OFS to meet the SEBI norm of minimum 25% public shareholding by June.

Promoters have 89.96% stake in the company. Promoters stake will come down by about 9% via IPP and over 6% through OFS.

As per data available with the BSE, Puravankara’s IPP was subscribed 1.5 times with the company receiving bids of over 3.54 crore shares.

The company offered 2,15,68,501 shares at a price band of 80-85 per share.

It has an option to allot an additional 21,56,850 shares in case of over-subscription, taking the total offer size to 2,37,25,351 shares.

At upper band, the company will raise 201 crore and at lower band 190 crore. It share price fell by 4.58% to close at 84.45 apiece on BSE.

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Published: 24 May 2013, 01:01 AM IST
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