Sri Lotus Developers and Realty promoters to sell 2.38 cr shares via OFS
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In a significant move to adhere to Sebi's minimum public shareholding regulations, Sri Lotus Developers and Realty Ltd announced that promoter Anand Kamalnayan Pandit plans to sell 2.38 crore shares. This transaction is scheduled for November 3-4, with the shares priced at Rs 240 each, despite the company's current share price of Rs 245.90. Presently, promoters own 79.87 percent of the company.
Sri Lotus Developers and Realty Ltd on Monday said one of the promoters will sell up to 2.38 crore shares of the company on stock exchanges to meet the minimum public shareholding norm.In a regulatory filing, the company informed that "Anand Kamalnayan Pandit, one of the promoters, proposes to sell up to 2,37,95,818 equity shares, representing 4.87 per cent of the total paid-up capital of the company, through stock exchange mechanism".
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The shares will be sold on November 3-4. The floor price for the Offer will be Rs 240 per share.
The company's share closed on Monday at Rs 245.90 apiece.
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Promoters hold a 79.87 per cent stake in the company. As per the Sebi norms, the minimum public shareholding should be 75 per cent.
Mumbai-based Sri Lotus Developers is one of the leading realty firms in the country.
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
