Realty firm Puravankara Projects promoters' offer to sell over 1.41 crore shares via OFS was today oversubscribed by 1.46 times, enabling them to raise Rs 115 crore and reduce stake to meet SEBI guidelines.
As per the data available with BSE, bids for 2,05,71,584 shares were received till 1530 hrs, which is 1.46 times than the offer of 1,41,35,576 shares.
Promoter Ravi Puravankara offered to sell over 1.41 crore shares at Rs 81/share via Offer for Sale (OFS) to meet the SEBI norm of minimum 25 per cent public shareholding.
Promoters had 89.96 per cent stake in the company as on March 31, 2013.
In a filing to the BSE, Puravankara today said it has fixed issue price of Institutional Placement Programme (IPP), which was launched yesterday, at Rs 81 per share.
It also decided to exercise the option of additional allotment of shares in case of over-subscription. IPP was over-subscribed 1.5 times.
Through IPP, Puravankara offered 2,15,68,501 shares at a price band of Rs 80-85 per share. It had an option to allot an additional 21,56,850 shares in case of over-subscription, taking the total offer size to 2,37,25,351 shares.
At issue price of Rs 81 per share, the company has raised Rs 192 crore through IPP.
Promoters stake will come down by about 9 per cent via IPP and over 6 per cent through OFS.
Share price today fell by 1.3 per cent on BSE to close at Rs 83.35 apiece.
Puravankara posted net profit of Rs 112.28 crore on a turnover of Rs 815.26 crore during the 2012-13 fiscal. PTI MJH MR 05241637