ETMarkets.comThe floor price for the offer has been fixed at ₹1,000, which is 18% discount to Wednesday's closing price of ₹1,228. At the floor price, the OFS could fetch ₹3,260 crore for the promoters.
The base size of the offer will be 2.53 crore shares which represent 7% of the total paid-up equity capital. An additional 72.39 lakh shares, representing 2% of the overall stake, will be offloaded in case of oversubscription.
The promoters held an 80.82% stake in the company, which needs to be reduced to 75%. Sebi norms mandate a listed entity to have a minimum public shareholding (MPS) of 25%. Jefferies India and IIFL Securities are the bankers to the offer for sale.
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Foxconn Looking to Set up 4-5 Fab Lines in IndiaGlobal technology giant Foxconn has told the government it wants to set up at least four to five semiconductor fabrication lines in India, people aware of the development told ET.
Hindujas Look to Raise up to $1b to Finance Reliance Cap AcquisitionThe Hinduja family has sounded out global credit funds to raise up to $1 billion (about ₹8,200 crore) to finance the potential acquisition of Reliance Capital for which it is the favored bidder after lenders to the insolvent financial services company approved Hinduja’s resolution plan, sources familiar with the matter told ET.
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