Kennametal India promoters set floor price at Rs 435 per share

NEW DELHI: The promoters of Kennametal India today set the floor price for selling nearly 29 lakh shares in the company at Rs 435 per share, a 18.46 per cent discount to current rates, through an offer for sale route tomorrow.

"...the floor price for the sale shall be Rs 435 per equity share," it said in a BSE filing.

At Rs 435 per share, the 13.16 per cent stake sale would fetch the promoter firm US-based Kennametal Inc around Rs 126 crore.

Kennametal India's scrips today settled at Rs 533.50 per share, down 6.59 per cent over the last closing in BSE. The floor price, set at Rs 435 per share, is 18.46 per cent lower than the company's closing price.

Kennametal Inc has 88.16 per cent holding in Kennametal India. The stake sale could be intended at lowering its stake to meet the minimum public float norms stipulated by market regulator, SEBI.

The shares would be sold through the offer for sale route in a separate window at BSE tomorrow.

Kennametal India manufactures hard metal products and machine tools for use in the manufacturing, auto, and general engineering industries.