The 3M India promoters’ decision to shed stake in the company through offer-for-sale route is yet to receive any bid from investors even after an hour of opening of the special window.
The stock tumbled Rs 33.75 or 1 per cent to Rs 3,429 on the BSE.
3M Company, the promoter company incorporated in Delaware, has set the floor price for the sale at Rs 3,300 a share.
It plans to sell 1.13 lakh equity shares (1.3 per cent equity) of 3M India through offer-for-sale route provided by the BSE and the NSE.
3M Company plans to dilute its stake in the Indian arm to meet the minimum public shareholding criteria.
During the last one year, 3M India stock hit a high of Rs 4,529 and a low of Rs 3,200.