Linde India Ltd on Thursday saw oversubscription for the offer-for-sale (OFS) by BOC Group Ltd, its overseas promoter. The bids, at or above the clearing price of Rs 237.10, have been considered for allocation after the exchange traded OFS. The floor price for the OFS was at Rs 230 a share.
Ahead of its 77th AGM on Friday, the OFS witnessed BOC Group offer for 1.23 crore shares of Rs 10 each (representing around 14.5 per cent of the paid-up equity of Linde India) oversubscribed by 156.89 per cent. The OFS took place at the separate window of the BSE and the NSE.
On Thursday, the company’s stock closed at Rs 261.40, up 4.16 per cent on the BSE.
The OFS is meant to reduce the promoter holding to 75 per cent level required by the market regulator to keep a corporate entity listed in India. Linde AG, the ultimate parent of Linde India, holds 89.48 per cent stake through BOC Group Ltd.
jayanta.mallick@thehindu.co.in