Sebi public holding norms: BGR Energy promoter to sell 6.1%

BGR Energy Systems today said one of its promoters Sasikala Raghupathy will sell 6.13% stake for about Rs 72 crore to meet the minimum public shareholding norms as mandated by market regulator Sebi.

Little over 44.23 crore shares would be offloaded at a price of Rs 163 apiece, the company said in a regulatory filing. These shares represent 6.13% stake in the company.

BGR Energy has scheduled the share sale for June 3.

Listed private sector companies are required to meet the 25% minimum public shareholding by June 3, 2013 to avoid penal actions by the Securities and Exchange Board of India (Sebi).

At the end of March quarter, promoters held 81.13% shareholding in BGR Energy. Out of that, Sasikala Raghupathy's stake stood at 16.05%.

The company is into the supply of systems and equipment besides turnkey engineering project contracting activities.

Shares of BGR Energy fell nearly four% to close at Rs 192.35 on the BSE.