Kennametal share sale commences, stock hits 52-week low

NEW DELHI: Kennametal India Ltd (KIL) slipped over 12 per cent in opening trade to hit its 52-week low of Rs 462.25 on Thursday as the company launched its one-day offer for sale (OFS).

The promoter, Kennametal Inc of US, intends to divest 28.92 lakh shares through this auction route with an offer-for-sale of shares at Rs 435, which is at a steep discount to the market price.

At 09:40 am, Kennametal India Ltd was trading 12.56 per cent lower at Rs 466.50. It has hit a high of Rs 480 in trade today.

"The promoters' stake in the company is 88.16 per cent, FIIs' stake is 0.61 per cent, and that of domestic institutions is 0.94 per cent, while others hold 10.29 per cent," according to media reports.