Endurance Technologies OFS opens for non-retail; stock falls 10%

The stock dipped 10 per cent to Rs 1,140 on the BSE in intra-day trade

The shares of Endurance Technologies dipped 10 per cent to Rs 1,140 on the BSE in intra-day trade on Wednesday as promoter Anurang Jain's offer-for-sale in the company through offer-for-sale (OFS) route opened for bidding today.

Jain plans to sell 6.36 million equity shares, representing 4.42 per cent of the company's total equity, with an option to additionally sell 4.19 million shares or 2.98 per cent (in case of oversubscription) at a floor price of Rs 1,100 per share.

The move is aimed at reducing promoters’ stake to meet the Securities and Exchange Board of India’s (SEBI) minimum public shareholding