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The share sale multinational industrial products maker Elantas Beck was subscribed a little more than seven times on Tuesday.
To comply with the Securities and Exchange Board of India’s 25 per cent minimum public shareholding requirement, Germany-based promoter Elantas Gmbh sold 3.4 per cent stake in the company through the offer for sale route. The public offering saw bids for 1.9 million shares, against about 270,000 on offer. For the OFS, the company had fixed the floor price at Rs 450 a share.
However, most bids came in at Rs 502, data on the stock exchange showed. On Tuesday, shares of the company closed 3.4 per cent lower at Rs 529.3 on the BSE. Before the share-sale, promoter holding in the company stood at 78.39 per cent.
