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Realty player Omaxe today said its promoters are planning to launch an offer for sale (OFS) to comply with the Sebi's minimum public shareholding norms.
"The promoters of Omaxe are planning to launch an offer for sale shortly to comply with the SEBI's minimum public shareholding norms," a company release said here.
The real estate developer's promoters will have to dilute nearly 15% of their stake through the OFS route to comply with the norms, it said.
"The promoters are confident of the proposed OFS within the deadline stipulated by Sebi and have appointed Antique Capital Markets Private Ltd and Ernst & Young Merchant Banking Services to advise them on the stake sale," the release said.
The stake sale procedure is expected to conclude prior to the June deadline set by the capital market regulator.
As per the norms, privately promoted companies are expected to have public shareholding at 25% by June, while the same for the state-run listed firms has been relaxed to 10%, which is to be met by August.
The Sebi-stipulated rules are expected to improve corporate governance and help in protecting the interest of the minority shareholders.
