The offer-for-sale (OFS) issue of realty company Omaxe was under-subscribed on Tuesday. The company received bids for only 33.98 lakh shares against a total of 50 lakh shares put on offer.
This accounted for only 67.97 per cent of the total scrips on sale.
The promoters of the company, Constellation Capital and S A Finvest, offered 25 lakh shares each, comprising 2.88 per cent of the total paid-up equity share capital of the company, at a floor price of Rs 148 a share.
The OFS was launched to meet market regulator SEBI’s norm on minimum 25 per cent public shareholding by June 30 for private sector listed companies.
As on March 31, promoters had 89.14 per cent stake in the company and after the sale of 50 lakh shares, promoters’ stake would have come down by about three per cent to about 86 per cent.
On Tuesday, Omaxe’s share price fell by 7.24 per cent on the BSE to close at Rs 152.40 a share.