Promoter's dilution and Elantas Beck

The stock of Elantas Beck India will remain in focus, as the promoters plans to dilute 13.55 per cent (or 10.74 lakh shares) through offer-for-sale route on Monday. Elantas GmbH, its Germany promoter, which currently holds 88.55 per cent stake in the company, wants to dilute its stake to meet the minimum public shareholding criteria or 25 per cent. The sale will take place on the separate window of the BSE between 9.15 a.m. and 3.30 p.m. Following the announcement, the stock crashed 20 per cent on Friday to Rs 829.25, which is its 52-week low, as a section of market participants were expecting a delisting proposal from the promoter. The stock’s 52-week high is Rs 2,599.95.