14 firms sell shares after Sebi’s shareholding deadline expires
22 July 2013 10:56 PM GMT
At least 14 listed private companies have offloaded shares worth Rs 380 crore through offer for sale (OFS) to bring down promoter holding to 75 per cent after the deadline for complying with the minimum public shareholding ended last month.
The deadline expired on 3 June and a day later Sebi initiated actions against as many as 105 non-compliant companies for failing to meet the norms.
Since then, at least 14 private companies sold shares via OFS route to meet the guidelines, but a large number of non-compliant entities are yet to achieve the minimum 25 per cent public shareholding.
According to information available with stock exchanges, the 14 companies that have met the norms as yet have collectively offloaded shares to the tune of Rs 380 crore. Moreover, two PSUs - MMTC and Hindustan Copper - have also sold shares worth Rs 840 crore through the OFS route.
Among the private sector entities that launched their OFS after 3 June included BGR Energy Systems, Sundaram-Clayton, Foseco India, Bhagyashree Leasing & Finance and Advance Lifestyles.
The deadline expired on 3 June and a day later Sebi initiated actions against as many as 105 non-compliant companies for failing to meet the norms.
Since then, at least 14 private companies sold shares via OFS route to meet the guidelines, but a large number of non-compliant entities are yet to achieve the minimum 25 per cent public shareholding.
According to information available with stock exchanges, the 14 companies that have met the norms as yet have collectively offloaded shares to the tune of Rs 380 crore. Moreover, two PSUs - MMTC and Hindustan Copper - have also sold shares worth Rs 840 crore through the OFS route.
Among the private sector entities that launched their OFS after 3 June included BGR Energy Systems, Sundaram-Clayton, Foseco India, Bhagyashree Leasing & Finance and Advance Lifestyles.
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