Jyoti Agarwal, promoter of media firm DB Corp, on Thursday received good response to her offer for sale (OFS) of nine million shares at a minimum price of Rs 196 a share.
The OFS received bids for 9.3 million shares, data on the Bombay Stock Exchange (BSE) website showed. Agarwal could raise at least Rs 176 crore by selling nine million shares. DB Corp’s shares closed down 1.93 per cent to Rs 198.45 on Thursday on the BSE.
After Oil and Natural Gas Corp and Wipro, DB Corp is the third company whose promoter has used the OFS route to reduce stake. In January, the Securities and Exchange Board of India introduced the OFS route to help promoters reduce their stakes to comply with the regulator’s minimum public shareholding norms.
