Wendt (India) slumped 6.01% to Rs 2918 after the offer for sale (OFS) opened for non-retail investors today.
Through the OFS, the company s promoter Carborundum Universal and Wendt GmbH propose to sell 94,704 shares, constituting 4.74% paid-up share capital of the company.
As per Sebi norms, the promoters need to bring down their stake to 75%. As per the latest shareholding pattern, Carborundum Universal and Wendt GmbH, both held 39.87% stake each in the company as on 30 September 2020.
The floor price for the OFS has been set at Rs 2200 per share, at a 29.14% discount to Wendt s closing price of Rs 3,104.7 on Wednesday, 6 January 2021.
The OFS opened on Thursday (7 January 2021) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Friday (8 January 2021).
Wendt GmbH, has launched an offer for sale at a discount of 30 per cent to the prevailing price to raise nearly 21 crore and meet maximum promoter shareholding norms.
The company’s shard had doubled since it hit a 52-week low in March. As the share prices have risen dramatically in the past few months, some promoters are making the best of the situation by selling shares.
The offer for sale opened for non-retail investors on Thursday. Retail investors can bid for the shares on Friday. The issue is prices at Rs 2,200, a discount of 29.13 per cent from last closing price.
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BusinessToday.In | December 22, 2020 | Updated 16:21 IST
Wendt India stock is trading higher than 200-day moving averages but lower than 5, 20,50 and 100-day moving averages.
Wendt India shares were trading 8% lower on Tuesday morning after Carborundum Universal and Wendt GmBH, the promoters of the company, decided to withdraw the proposed offer for sale (OFS).
Wendt India stock opened with a loss of 6.68% today at Rs 2,925.90 and fell 8.4% to hit the day s low of Rs 2,871 during the session against the last close of Rs 3,135.20. The stock also hit an intraday high of Rs 3,057.10.