Tata Teleservices (Maharashtra) has dipped 8% to Rs 8.18 in noon deals on BSE after the promoter 2.72% stake sale plan though offer-for-sale (OFS) begins today. The stock opened at Rs 8.99 and hit a low of Rs 8.06 so far on BSE.
Tata Sons, the promoter of the company planning to divest 51.62 million or 2.72% stake in the company to meet the minimum public shareholding norms.
According information available at BSE and NSE website, till 1235 hours, the company has received bids for 20.61 million shares representing 39.93% of total shares offered by the promoter. The average indicative price is Re 0.44 per share.
Meanwhile, the market regulator the Securities Exchange Board of India (Sebi) recently relaxed norms for the company’s offer for sale of shares by promoters.
The Sebi has relaxed the maximum allocation limit of 25% of the size of the offer for sale to a single investor. The regulator also permitted company to undertake two successive offers with a gap of minimum three days, while relaxing the restrictions with respect to 12-week cool-off period.
As per BSE, promoters currently hold 77.72% stake in the company while 22.28% is held by public.
Tata Sons, the promoter of the company planning to divest 51.62 million or 2.72% stake in the company to meet the minimum public shareholding norms.
According information available at BSE and NSE website, till 1235 hours, the company has received bids for 20.61 million shares representing 39.93% of total shares offered by the promoter. The average indicative price is Re 0.44 per share.
Meanwhile, the market regulator the Securities Exchange Board of India (Sebi) recently relaxed norms for the company’s offer for sale of shares by promoters.
The Sebi has relaxed the maximum allocation limit of 25% of the size of the offer for sale to a single investor. The regulator also permitted company to undertake two successive offers with a gap of minimum three days, while relaxing the restrictions with respect to 12-week cool-off period.
As per BSE, promoters currently hold 77.72% stake in the company while 22.28% is held by public.
