New Delhi: Shares of Sona Koyo Steering Systems Ltd on Friday settled in the negative territory on the bourses after the company’s offer for sale of its equity shares began on Friday, with a floor price of Rs85.

On the BSE, Sona Koyo Steering shares opened on a bearish note at Rs93, then lost further ground to touch an early low of Rs89.45, down 8.86% over its previous closing price. At the end of today’s trading session, the stock was quoted at Rs97.50, down 0.66%.

On the NSE, the stock opened at Rs90.80, then fell to a low of Rs89.55, down 8.85% over its last close. The stock finally settled for the day at Rs96.95, down 1.32%.

The company in a regulatory filing yesterday said, JTEKT Corp. proposes to sell up to an aggregate of 35,14,879 equity shares representing 1.77% of the total paid up equity share capital of the company on 6 April for non-retail investors, and on 9 April for retail investors.

The floor price of the offer stood at 85 per equity share, the filing added. The floor price was 13.39% discount to the closing price of 5 April at 8.15 on the BSE.

Till the December quarter, JTEKT Corporation held 70.45% stake in the company, while Maruti Suzuki India had 6.94% stake in the auto component maker.

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