Bartronics India on January 13 announced that its promoter Kinex India has proposed to sell 1.92 crore shares of the company through an offer-for-sale (OFS). This represents 6.29% of the total equity of the company.
The OFS will open on January 14 for non-retail investors and on January 15 for retail investors. The floor price has been set at Rs 22 per share.
Notably, Kinex India is the only promoter of the listed firm. As per the shareholding pattern mentioned on BSE, Kinex held 26.06 crore shares of Bartronics India at the end of the July-September quarter of FY25.
This is not the first time Kinex has sold part of its stake in Bartronics. Earlier in July, Kinex sold 4.43% stake in the company through an OFS, which received full subscription.
Bartronics shares saw a sharp rise on January 13. The shares jumped 5% to hit the upper circuit at Rs 22.65. The stock however pared some gains to close at Rs 22.40. It is important to note that the latest announcement about Kinex’s stake sale was released after markets closed today. The stock is currently around 43% higher than its 52-week-low record of Rs 15.65. However, it is still 83% lower than its 52-week-high record of Rs 28.65.
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Earlier this month, Bartronics had announced that it has signed a Memorandum of Understanding (MoU) with Singapore’s PTW Group over both the parties’ intention to establish a semiconductor unit in India. The MoU reportedly marks the entry of Singapore-based semiconductor solutions provider PTW Group into the Indian market.
Bartronics India, which was founded in 1990, provides IT services based on biometrics, bar codes and more.
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