Oberoi Realty launches OFS at Rs 158 apiece to meet MPS norm; stock slips over 2%

NEW DELHI: Oberoi Realty slipped a little over 2 per cent on Thursday after promoters of the company launched its one-day offer-for-sale ( OFS) at a floor price of Rs 158.

The base price is at a discount of about 5.3 per cent to Wednesday’s closing price of Rs 166.85 on the BSE.

At 12:00 p.m.; the stock was trading 0.72 per cent lower at Rs 165.65. It has hit a low of Rs 162.75 and a high of Rs 166.90 in trade today.

Oberoi Realty said its promoters will sell 1.14 crore shares on Thursday at Rs 158 per share through stock exchanges to meet market regulator Sebi's guidelines on minimum public share holding norm.

The sale is expected to fetch over Rs 180 crore to the promoters if it is fully subscribed.

Oberoi Realty got bids for 9.86 lakh shares compared to 1.14 crore shares on offer as of 10:25 a.m. The OFS is already subscribed 8.6 per cent at an indicative bid price of Rs 161.65 per share.

Promoters had 78.49 per cent stake in the company as on June 30, 2013 and they need to pare their stake to 75 per cent for meeting Sebi guideline on minimum 25 per cent public shareholding for private sector listed companies.

Oberoi Realty has 36 completed projects across Mumbai.