The announcement of the offer for sale (OFS) was made after market hours on Thursday, 4 July 2013.
Meanwhile, the S&P BSE Sensex was up 185.01 points or 0.95% at 19,595.85.
On BSE, 90,000 shares were traded in the counter as against average daily volume of 47,095 shares in the past one quarter.
The stock hit a low of Rs 120.55 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 126.40 so far during the day. The stock had hit a 52-week high of Rs 319.55 on 5 July 2012.
BGR Energy Systems' promoter, Sasikala Raghupathy, is selling 21.75 lakh equity shares of the company, representing 3.02% of the equity share capital of the company through an offer for sale (OFS) route on the stock exchanges today, 5 July 2013. The OFS opened at 9:15 IST and closes at 15:30 IST. The floor price for the OFS was fixed at Rs 118 per share after market hours on Thursday, 4 July 2013, which was at a discount of 6.97% to the stock's closing price of Rs 126.85 on that day. As on 31 March 2013, Sasikala Raghupathy held 12.93% stake in BGR Energy Systems. Total promoter holding stood at 78.01% as on 31 March 2013. As per Sebi's mandate, private firms need to maintain a minimum public shareholding of 25%.
As at 12:05 IST, the OFS got bids for 15.42 lakh shares, compared with 21.75 lakh shares on offer, as per data from the stock exchanges. The OFS was subscribed 70.92% at an indicative bid price of Rs 118 per share.
BGR Energy Systems' net profit declined 19.8% to Rs 53.85 crore on 6.6% decline in net sales to Rs 1062.88 crore in Q4 March 2013 over Q4 March 2012.
BGR Energy Systems is a leading company in the business of turnkey engineering and contracting for balance of plant (BoP) and full service engineering, procurement and construction (EPC) for power projects in India and LSTK contracts for oil and gas projects in India and abroad.
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