ABB promoters sell 'one share' to achieve public holding norm

The promoters of engineering major ABB have sold a single share to achieve the mandatory 25 per cent public shareholding requirement.

“The company's promoter ABB Asea Brown Boveri, Zurich, Switzerland, sold one share through the National Stock Exchange (NSE) on February 5. The company therefore, fulfills the public shareholding requirement,” informed ABB through a notice to the stock exchanges.

The promoters of the company were facing a strange predicament of selling just one share to become public shareholding norm-compliant.

Public shareholding in the company accounted for 24.99999965 per cent, while promoters ABB Asea Brown Boveri and ABB Norden Holding held 158,931,282 shares, or 75.00000035 per cent. The promoters, therefore, had to sell just one share.