Sheela Foam tanks 7% after promoters propose to sell stake

NEW DELHI: Shares of Sheela Foam slipped 7 per cent on Wednesday after the company said promoters Rahul Gautam and Tushaar Gautam have proposed to sell up to 8.68 per cent stake in the company. The floor price is set at Rs 1,100.

The scrip slipped nearly 7 per cent to hit a low of Rs 1201.75. Later, the scrip was hovering at Rs 1256.30, down 2.61 per cent at 10:56 am. This was against 0.61 per cent rise in the BSE Sensex.

"The promoters will sell 42,33,764 equity shares representing 8.68 per cent of the total paid up equity share capital of the company, with an option to sell a further 4,87,828 equity shares each representing 1 per cent stake for both promoters," the company said in a BSE filing.


The floor price is set at Rs 1,100 per share and the sale shall take place over two trading days starting March 27.

Earlier in the day, the stock opened at Rs 1222 on BSE against its previous closing of Rs 1290.

The shares of the company closed 3.35 per cent down at Rs 1246.80 on BSE.