Sri Lotus Developers and Realty promoters to sell 2.38 cr shares via OFS

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".

For live updates on US Markets,click here


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.

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.