DB Corp has plunged 6% to Rs 206 after the promoters have set the floor price for Offer For Sale (OFS) at Rs 205. The floor price is 6% discount to Thursday’s closing price of Rs 218 on the Bombay Stock Exchange.
“Smt. Jyoti Agarwal and Shri R. C. Agarwal have informed the Bombay Stock Exchange that the 'Floor Price' for the OFS shall be Rs 205 per equity share,” DB Corp said in a statement. The OFS launched today, and the banks appointed for the same are Kotak Mahindra and Citibank.
The promoters of DB Corp, which publishes newspapers in four languages across 13 states in the country, have proposed to sell an aggregate 11.93 million shares or about 8% stake in the company through stock exchanges mechanism.
According to information available on the National Stock Exchanges, cumulative 8.86 million or 74% of the total shares offered in OFS have changed hands till 1501 hours.
The stock opened at Rs 212 and has seen a combined 39.668 shares changing hands on the counter so far on both the exchanges.
