GE Vernova T&D India Ltd, formerly known as GE T&D India Ltd, on Tuesday (November 26) announced that its promoter, Grid Equipments Private Ltd, will exercise the green shoe option in its offer for sale (OFS).
The total offer size will reach up to 21,451,168 equity shares, representing 8.38% of the company’s paid-up equity capital. The OFS comprises a base offer of 14 million shares (5.47% of equity), with an additional green shoe option of 7,451,168 shares (2.91%). The floor price for the offer is set at ₹1,550 per share.
Grid Equipments, one of the company’s promoters, will sell the shares through a designated window on stock exchanges, with the offer open to non-retail investors on November 26, and retail investors on November 27. Of the total offer, 2,145,117 shares will be reserved for retail investors, subject to valid bids.
In September this year, Grid Equipments Private Ltd and GE Grid Alliance BV (formerly Alstom Grid Holding BV) had announced a proposed OFS. The floor price of the offer was set at ₹1,400 per equity share. The OFS involves up to 11.7% of the company’s equity share capital, which amounts to 30 million shares. Each share has a face value of ₹2.
The promoters have also included an oversubscription option to sell an additional 3.9% of equity, representing 10 million shares, which could increase the total sale to 15.6% of the company’s paid-up equity share capital, if fully exercised. This means the total potential offer size could reach 40 million shares.
