Grid Equipments to divest 8.38% stake in GE Vernova T&D through OFS

Grid Equipments, the promoter of GE Vernova T&D India, on Monday said it will divest up to 8.38 per cent of its holding in the company through an offer for sale (OFS) mechanism.

The proposed OFS will open on Tuesday and conclude on Wednesday. The sale will involve a base offer of 1.4 crore equity shares (5.47 per cent of paid-up equity) with an option to oversubscribe by an additional 74.51 lakh shares (a 2.91 per cent stake), collectively amounting to 2.14 crore shares, amounting to an 8.38 per cent with a face value of Rs 2 each.

The seller has fixed a floor price of Rs 1,550 per share. The transaction will be executed through a separate trading window on the BSE and the NSE, the company said in a regulatory filing exchanges.

On November 26, non-retail investors will have the opportunity to bid during trading hours, with the option to carry forward unallocated bids to the second day.

Retail investors and eligible non-retail bidders can participate on November 27, with 10 per cent of the offer reserved for retail participants.

The allocation methodology will prioritise bids at or above the floor price for non-retail investors and allow retail investors to bid at the cut-off price determined on the first day. Oversubscription, if any, will be handled proportionally.

JP Morgan India has been appointed as the broker for this transaction by the company.

The OFS does not constitute a public offer, and shares will be sold based on existing public and regulatory information. Prospective buyers have been advised to review details thoroughly before bidding, the company said.

GE Vernova T&D India Ltd, formerly GE T&D India Ltd, is a leading player in the energy transmission and distribution sector.

Shares of GE Vernova T&D India rose 3.32 per cent to close at Rs 1,916.65 apiece on the BSE.