The stock opened at Rs 1,900 and touched a low of Rs 1,889 on the BSE. A combined 97,558 shares have already changed hands on the counter in early morning deals as against an average sub 50,000 shares that were traded daily in past two weeks on BSE and NSE.
To comply with the Securities and Exchange Board of India (Sebi)’s 25% minimum public shareholding requirement, promoters of Gillette India on Wednesday offloaded 8.77% stake in it.
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US-based Procter and Gamble and domestic promoters Saroj Poddar-led Poddar Heritage Group sold 2.85 million shares through an OFS, which was subscribed 1.36 times. The OFS received most bids at Rs 1,925.66, much higher than the floor price of Rs 1,650, the Business Standard report suggests.