Ingersoll Rand shares fall 7% as promoter proposes to offload stake via OFS

Ingersoll Rand (India) share price shed 7 percent in the early trade on November 24 after the company's promoter proposed to sell their stake in the company.

Ingersoll-Rand INC, a promoter of the company, proposes to sell up to 14,25,798 equity shares (representing up to 4.52% of the total issued and paid-up equity share capital of the company) on November 24, 2020 (for non retail investors only) and on November 25, 2020 (for Retail Investors and for non-Retail Investors).

The floor price for the sale shall be Rs 578.60 per equity share and 12% discount on the cut-off price is being offered to retail investors.

The sale process will be done through a separate, designated window of BSE and National Stock Exchange of India.

The sale shall be undertaken exclusively through the seller’s broker (named and defined below) on a separate window provided by the stock exchanges for this purpose.

The sale is being undertaken by the seller primarily for the purpose of achieving the minimum public shareholding in the company.

At 09:20 hrs Ingersoll Rand (India) was quoting at Rs 618.90, down Rs 37.55, or 5.72 percent on the BSE.

The share touched its 52-week high Rs 698.00 and 52-week low Rs 555.40 on 19 August, 2020 and 16 October, 2020, respectively.