Elantas Beck India lost 3.42% to Rs 529 at 9:51 IST on BSE as the floor price for the offer for sale of shares by the promoter was set at a discount of 17.84% to the stock's closing price on Monday, 3 March 2014.
Meanwhile, the S&P BSE Sensex was up 33.88 points or 0.16% at 20,980.53.
On BSE, so far 21,000 shares were traded in the counter as against average daily volume of 28,000 shares in the past two weeks.
The stock hit a high of Rs 536 and a low of Rs 520 so far during the day.
Elantas Beck India's promoter Elantas GmbH is selling 2.69 lakh equity shares, representing approximately 3.39% of the total paid-up equity share capital of the company, via Offer for Sale (OFS) through stock exchanges today, 4 March 2014, to dilute their stake in order to meet market regulator Sebi's norms on minimum public shareholding. The floor price for the OFS was set at Rs 450 per share after market hours on Monday, 3 March 2014. The floor price was at a discount of 17.84% to the stock's closing price of Rs 547.75 on Monday, 3 March 2014.
Currently the promoter Elantas GmbH holds 78.39% stake in Elantas Beck India. As per Sebi norms, the promoter shareholding in private companies should not exceed 75%.
Elantas Beck India's net profit rose 5.3% to Rs 6.78 crore on 12.5% growth in net sales to Rs 76.28 crore in Q4 December 2013 over Q4 December 2012.
Elantas Beck India manufactures a wide range of specialty chemicals for electrical insulation and construction industries.
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