Uttam Sugar Mills today said its promoter would sell 7,90,401 equity shares, worth Rs 2.32 crore at current price, through stock exchange NSE to increase public shareholding in the company.
In a filing to the BSE, Uttam Sugar said that "one of the promoter Uttam Industrial Engineering Ltd proposes to sell an aggregate of 7,90,401 equity shares...Of the company to increase public shareholding to meet the minimum public shareholding requirement".
NSE has been appointed as designated stock exchange for sale of shares. The application for offer of sale on July 23 has already been made to NSE. A detailed notice for offer of sale would be announced by NSE after its approval.
Private listed firms need to raise public shareholding to at least 25% by June 2013.
The public shareholding in Uttam Sugar Mills stood at 21.93% as on June 30, 2012. The promoter Uttam Industrial Engineering held 46,52,043 shares or 18.05% stake in the company.
Uttam Sugar's shares settled at Rs 29.40 on BSE, down by 6.81% from the previous closing.
