Sebi public holding norms: BGR Energy promoter to sell 6.1%

MUMBAI: BGR Energy Systems today said one of its promoters Sasikala Raghupathy will sell 6.13 per cent stake for about Rs 72 crore to meet the minimum public shareholding norms as mandated by market regulator Sebi.

Little over 44.23 crore shares would be offloaded at a price of Rs 163 apiece, the company said in a regulatory filing. These shares represent 6.13 per cent stake in the company.

BGR Energy has scheduled the share sale for June 3. Listed private sector companies are required to meet the 25 per cent minimum public shareholding by June 3, 2013 to avoid penal actions by the Securities and Exchange Board of India (Sebi).

At the end of March quarter, promoters held 81.13 per cent shareholding in BGR Energy. Out of that, Sasikala Raghupathy's stake stood at 16.05 per cent.

The company is into the supply of systems and equipment besides turnkey engineering project contracting activities.

Shares of BGR Energy fell nearly four per cent to close at Rs 192.35 on the BSE.