BGR Energy promoter to sell 3% stake tomorrow

NEW DELHI: BGR Energy today said one of its promoters, Sasikala Raghupathy, will sell over 21.75 lakh shares, representing 3 per cent stake, tomorrow at a minimum price of Rs 118 apiece.

The offloading, through 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.

At present, promoter holding in BGR Energy is at 78.01 per cent.

Promoter Sasikala Raghupathy, who holds around 12.93 per cent stake, would offload 3.02 per cent shareholding in the company.

In a regulatory filing, BGR Energy said the floor price for the sale has been fixed at Rs 118 per scrip. Based on this price, the proposed share offloading would fetch at least Rs 25.66 crore.

"The sale shall take place on the separate window of the stock exchanges and shall commence on July 5, 2013, at 9.15 am. It shall close on the same day at 3.30 pm," the filing added.

Shares of the company rose marginally to close at Rs 126.85 on the BSE.