BGR Energy OFS begins at Rs 163/share; stock hits 52-week low

NEW DELHI: BGR Energy Ltd slipped over 12 per cent in afternoon trade on Monday, to hit its 52-week low of Rs 168.20 as the company launched its one-day offer-for-sale (OFS) at a floor price of Rs 163/share.

At 03:00 p.m.; BGR Energy was trading 10.9 per cent lower at Rs 171.30. It hit a 52-week low of Rs 168.20 and a high of Rs 183 in trade today.

At the end of March quarter, promoters held 81.13 per cent shareholding in BGR Energy. Out of that, Sasikala Raghupathy's stake stood at 16.05 per cent.

One of the promoters of the company, Sasikala Raghupathy, will sell 6.13 per cent stake for about Rs 72 crore to meet the minimum public shareholding norms as mandated by market regulator SEBI.

BGR Energy got bids for 4.6 lakh shares compared to 44.22 lakh shares on offer as of 02:55 p.m. The OFS is already subscribed 10.4 per cent at an indicative bid price of Rs 163.25 per share.

Listed private sector companies are required to meet the 25 per cent minimum public shareholding by June 3, 2013 to avoid penal actions by the Securities and Exchange Board of India (Sebi).