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Realty firm Omaxe's promoters will sell over 1.1 crore shares, worth about Rs 150 crore, through stock exchange on October 29 to meet market regulator SEBI's norms on minimum public shareholding.
Promoter group's three companies -- Constellation Capital Ltd, Kautilya Monetary Services Pvt Ltd and SA Finvest Ltd -- have offered to sell together 1,10,20,000 shares through OFS on BSE platform.
The offer represents 6.35% of the total paid up share capital of the company as on date.
Promoters currently have 81.35% stake in Omaxe. They need to pare their stake to 75% for meeting the market regulator SEBI's guideline on minimum 25% public shareholding for private sector listed companies.
Omaxe's share price closed at Rs 137.05 on the BSE on Friday last week. The company would announce the floor proce on October 28.
The promoters are selling shares through OFS for the fourth time this year as the issues were under-subscribed in the first three rounds.
Promoters had 89.14% stake in the company as on March 31 and they have brought it down to 81.35% after the three OFS.
SEBI had cracked the whip on promoters of over 100 private sector firms, including Omaxe, for failing to attain minimum 25% public holding by June 3 deadline.
The regulator had ordered on June 4 to freeze their voting rights and corporate benefits and bar them from holding any new position on boards of listed firms.
