Sri Lotus promoters to sell 2.38 crore shares in OFS
In short
Sri Lotus Developers and Realty said its promoter Anand Kamalnayan Pandit will sell 2.38 crore shares in an offer for sale on November 3-4. The offer price is Rs 240 a share, while the stock was at Rs 245.90.
The sale is meant to help the company meet Sebi's minimum public shareholding rules. The reporting does not say how many investors will buy the shares or whether the full offer will be taken up.
What the reporting says
Sri Lotus Developers and Realty promoters have announced an offer for sale of 2.38 crore shares to meet Sebi minimum public shareholding norms. The reported sale, by promoter Anand Kamalnayan Pandit, is scheduled for November 3-4 at Rs 240 a share, below the current share price of Rs 245.90. The immediate consequence is a larger public float, while the final demand for the shares is not stated in the available reporting.
Why it matters
Sri Lotus Developers and Realty promoters are planning to sell 2.38 crore shares through an offer for sale, according to the reporting, with Anand Kamalnayan Pandit named as the seller. The sale is set for November 3-4 at Rs 240 per share, versus a reported market price of Rs 245.90, and the stated purpose is compliance with Sebi's minimum public shareholding rules. The move should increase public float, but the final subscription outcome is not stated.