BGR Energy OFS commences at Rs 118; stock hits 52-week low

NEW DELHI: BGR Energy Ltd slipped nearly 5 per cent to hit its 52-week low of Rs 120.55 in morning trade on Friday, as one of its promoters, Sasikala Raghupathy, will sell over 21.75 lakh shares, representing 3 per cent stake, at a minimum price of Rs 118 apiece.

At 12:15 p.m.; BGR Energy Ltd was trading 1.8 per cent lower at Rs 124.55. It had hit a low of Rs 120.55 and a high of Rs 126.40 in trade today.

BGR Energy got bids for 15.42 lakh shares compared to 21.75 lakh shares on offer. The OFS is already subscribed 70.92 per cent at an indicative bid price of Rs 118 per share.

At present, promoter holding in BGR Energy is at 78.01 per cent and offloading via the Offer for Sale (OFS) route, would help the company in meeting the 25 per cent minimum public shareholding norms as stipulated by market regulator Sebi.

Based on this price, the proposed share offloading would fetch at least Rs 25.66 crore.