The shares of Endurance Technologies dipped 10 per cent to Rs 1,140 on the BSE in intra-day trade on Wednesday as promoter Anurang Jain's offer-for-sale in the company through offer-for-sale (OFS) route opened for bidding today.
Jain plans to sell 6.36 million equity shares, representing 4.42 per cent of the company's total equity, with an option to additionally sell 4.19 million shares or 2.98 per cent (in case of oversubscription) at a floor price of Rs 1,100 per share.
The move is aimed at reducing promoters’ stake to meet the Securities and Exchange Board of India’s (SEBI) minimum public shareholding norm of 75 per cent. Currently, the promoters hold 82.50 per cent stake in the auto ancillary company.
The OFS is open for non-retail investors on March 6 and to retail investors on Thursday.
At 10:02 am, Endurance Technologies was trading 9 per cent lower at Rs 1,152 on the BSE. In comparison, the S&P BSE Sensex was up 0.41 per cent at 36,591 points. A combined 338,133 equity shares changed hands on the counter on the NSE and BSE so far.