Adani Power has dipped 5% to Rs 52.70 on reports that the promoter plans to sell part of its holding through the stock exchange mechanism on Monday, October 8.
“Adani Agro, part of the promoter group of Adani Power proposes to sell around 35.58 million equity shares of the company on October 8, 2012, through a sale on the separate window provided by the Bombay Stock Exchange (BSE) for this purpose," Adani Power said in a filing.
A minimum of 25% of the equity shares in the sale shall be reserved for mutual funds. DSP Merril Lynch will be its broker for the share sale and floor price for the transaction will be declared after the close of trading hours of the exchanges of October 5, 2012, it added.
As on June 30, 2012, Adani Agro held 3.31% or 68.2 million shares in the private power generating company.
The stock opened at Rs 55.50 and hit a low of Rs 52.65 on the NSE. A combined 2.14 million shares have changed hands on the counter so far on both the exchanges.
