Omaxe promoters to sell shares to meet Sebi norm

Firm's promoters will sell over 1.52 cr shares on Sept 27. Company will announce the floor price tomorrow

Realty firm Omaxe Ltd today said its promoters would sell over 1.52 crore shares worth about Rs 220 crore on September 27 through stock exchanges to dilute their stake in order to meet market regulator SEBI's norms on minimum public shareholding.

In a filing to the BSE, Omaxe said promoter companies Constellation Capital Limited, Kautilya Monetary Services and S A Finvest would sell up to 75 lakh, 12.5 lakh and 65 lakh equity shares of the realty firm through Offer For Sale route.

Total shares offered through Offer For Sale (OFS) stand at 1,52,50,000 representing 8.79% of the total paid-up equity share capital of the company as on date.

The company would announce the floor price tomorrow.

Omaxe shares today closed at Rs 143.10 on BSE, down 0.52% from its previous close.

Promoters have 83.79% stake in the company. They need to pare their stake to 75% for meeting the market regulator SEBI's guideline on minimum 25% public shareholding for private sector listed companies.

The promoters are selling shares through OFS for the third time this year. In the first two rounds, promoters were able to reduce their stake only by about 5% as the issues were under-subscribed.

SEBI had cracked the whip on promoters of over 100 private sector firms, including Omaxe, for failing to attain minimum 25% public holding by June 3 deadline.

The regulator had ordered on June 4 to freeze their voting rights and corporate benefits and bar them from holding any new position on boards of listed firms.