Reliance Power OFS fully subscribed
Traders, worried about lower floor price, have been shorting the stock and hence putting pressure on the spot prices, say analysts.
MUMBAI: Shares of Reliance Power continued to drift lower even as the company’s offer for sale (OFS) of 5.42 per cent stake by promoters R-Infra, Reliance Innoventures and AAA Power was fully subscribed.
According to reports, till 2.40 p.m., the issue received bids for 22 crore shares against offer size of 15.2 crore shares. The indicative bid price for the OFS seen at Rs 95.5 per share.
The promoters are diluting their stake in the company in order to comply with SEBI's directive that listed companies should have a a minimum 25 per cent of public float.
Traders, worried about lower floor price, have been shorting the stock and hence putting pressure on the spot prices, say analysts.
At 03:00 p.m. the stock was at Rs 97.35, down 1.17 per cent, on the NSE. It touched a high of Rs 101.25 and a low of Rs 97.15 in trade today.
Download ET Markets APP
