Parenteral promoters to dilute 11.34% stake

Parenteral Drugs India (PDIL) promoters will pare down their stake in the company from 81.35% to 70.01% to ensure minimum 25% public shareholding in the company as per listing norms. The promoters will offload their stake through the secondary market from today.

According to an official release issued by the company to the BSE today, its promoters, who presently have 81.35% equity shares of the company, have been requested to dilute their shareholding in the company in line with the requirement of Clause 40A of the listing agreement.

The promoters have decided to dilute their holding in the company by sale of 9.56% stake in PDPL Holdings and 1.78% stake in PDPL Securities.

The promoters who currently hold 91 lakh equity shares in PDPL, will sell a total of 12.7 lakh shares through the secondary market.}

"The promoters shall start selling their shares from December 14, 2007 through the secondary market and the shares shall be available to all interested investors for purchase," the release said.