 "GE T&D stock hits 5% lower circuit as promoters begin stake sale via OFS")
GE T&D India shares were locked in a 5 per cent lower circuit on the National Stock Exchange (NSE), registering an intraday low of Rs 1,606.85 per share, after promoters began offloading partial stake via offer for sale (OFS) mechanism.
In a stock exchange filing on Wednesday, GE T&D said promoters, Grid Equipments Private Limited and GE Grid Alliance B.V., propose to sell an 11.7 per cent stake in the company through the stock exchange mechanism.
"The Promoters will have an option to additionally sell up to 10,000,000 equity shares i.e., 3.9 per cent of the paid up equity share capital of the company in case of Oversubscription of the OFS," the filing said.
GE T&D said the OFS would open on Thursday, September 19, 2024 for non-retail investors, and on Friday, September 20, 2024, for retail investors and for non-retail Investors who choose to carry forward their un-allotted bids.
At around 12:18 PM, shares of GE T&D India were down 5 per cent at Rs 1,606.85 per share on NSE. In comparison, the NSE Nifty traded 70.05 points lower at 25,447.6 around the same time.
J.P. Morgan India is the sellers’ broker. The floor price of the offer is fixed at Rs 1,400 per equity share.
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In Q1 FY25, GE T&D India's net profit grew nearly six-fold from a year ago to Rs 134.5 crore; while its revenue expanded 34 percent year-on-year (Y-o-Y) to Rs 958.3 crore.
As of June 30, 2024, Grid Equipments held 68.54 per cent of the company and GE Grid Alliance B.V. held a 6.46 per cent stake in GE T&D India.
In the past one year, shares of GE T&D India have gained 326.05 against BSE Sensex's rise of 22.7 per cent.