Sona Koyo Steering Systems offer for sale subscribed six times

The offer for sale (OFS) by in Sona Koyo Steering Systems saw six times more demand than the shares on offer.
The 3.5-million offering received bids for 21 million shares, even as the stock plunged as much as 9 per cent in the secondary market.

The OFS by was promoter JTEKT Corporation, who had to reduce a 1.77 per cent stake in the company to comply with the 25 per cent minimum public shareholding norms.

The base price for the OFS was fixed at Rs 85 — 13 per cent below Thursday’s closing price of Rs 98.