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Shares of consumer goods maker Gillette India fell over 4% in early trade after the company set the floor price for its share sale at 15% below its market price.
The multinational firm is selling around 2.85 million shares through offer for sale (OFS) today to comply with the 25% minimum public shareholding norm.
Shares of the company were last trading at Rs 1,888, down 3.6% from previous close of Rs 1,960.
Gillette India has set the floor price, or the base price at much it will sell shares under the OFS, at Rs 1,650, around 15% less to its Tuesday closing price.
The shares are being sold by Gillette Indian promoters the Poddar group, along with US-based Procter and Gamble India.
Merchant bankers expect the share sale to see good response.
