Realty firm Omaxe’s promoters will sell 50 lakh shares, worth Rs 80 crore, on May 21 through the offer for sale route (OFS) in order to dilute stake in the company to meet SEBI’s minimum public shareholding norms.
As on March 31, promoters had 89.14 per cent stake in the company. The promoter companies Constellation Capital Ltd and S.A. Finvest Ltd will sell 25 lakh shares each.
In a notice of Offer for Sale of equity shares, Omaxe said that the promoters would offer a total of 50 lakh shares, representing 2.88 per cent of the paid-up capital of the company. The floor price would be announced tomorrow.
“The Offer shall take place on a separate window of the BSE and shall commence on May 21, 2013 at 9.15 am and shall close the same day at 3.30 pm,” the notice filed on BSE said.
The OFS is being launched to meet market regulator SEBI’s norm on minimum 25 per cent public shareholding by June 30 for private sector listed companies.
Omaxe is possibly the first real estate company to opt for the OFS route to offload promoter shares.
After the sale of 50 lakh shares, promoters stake would come down by about three per cent to about 86 per cent.
Sources said the promoters would offload more shares later to meet the June deadline for reducing their stake to 75 per cent.
Under OFS mechanism, promoters auction their existing shares to bring down their stake in a company.
Omaxe’s share price settled on Friday at Rs 161.45 apiece on BSE, up 4 per cent from the previous closing. The company’s market capitalisation stood at Rs 2,802 crore.
Recently DLF tapped the Institutional Placement Programme (IPP) route to dilute promoter stake. The country’s largest realty firm raised Rs 1,863 crore through sale of over 8.1 crore shares on May 14, enabling the promoters to pare their stake to 75 per cent.
Last year, Godrej Properties had raised Rs 470 crore via IPP, while Prestige Estates raised Rs 364 crore this year via the IPP route.
Bangalore-based Puravankara Projects Ltd will soon launch IPP to sell up to 2.15 crore equity shares, worth about Rs 200 crore, to institutional investors.