3M India has moved higher by 3% at Rs 3,500 in otherwise weak market ahead of the promoter propose 1% stake sale tomorrow to meet minimum public shareholding norm.
The stock has bounced back 7% from its 52-week low of Rs 3,301 touched in morning deals on NSE. The stock opened at Rs 3,301 and touched a high of Rs 3,525 so far.
“3M Company, a company incorporated in Delaware and the promoter of 3M India Limited, proposes to sell 113,198 equity shares of the face value of Rs 10 each of the company on March 21, 2013,” the 3M India said in a statement.
The sale shall take place on a separate window designated by BSE and NSE and will commence on the same date at 9:15 a.m. and will close on the same day at 3.30 p.m, it added.
The promoter 3M Company held 76% stake in a diversified firm as on December 31, 2012, the shareholding pattern data shows.
The market regulator the Securities and exchange board of India (Sebi) has mandated to all listed companies have to increase public shareholding to a minimum 25% by June 2013.
The stock has bounced back 7% from its 52-week low of Rs 3,301 touched in morning deals on NSE. The stock opened at Rs 3,301 and touched a high of Rs 3,525 so far.
“3M Company, a company incorporated in Delaware and the promoter of 3M India Limited, proposes to sell 113,198 equity shares of the face value of Rs 10 each of the company on March 21, 2013,” the 3M India said in a statement.
The sale shall take place on a separate window designated by BSE and NSE and will commence on the same date at 9:15 a.m. and will close on the same day at 3.30 p.m, it added.
The promoter 3M Company held 76% stake in a diversified firm as on December 31, 2012, the shareholding pattern data shows.
The market regulator the Securities and exchange board of India (Sebi) has mandated to all listed companies have to increase public shareholding to a minimum 25% by June 2013.
