BGR Energy has sold around 44.22 lakh shares via the offer for sale (OFS) route.
The sale would help the company in meeting the 25 percent minimum public shareholding norms as stipulated by market regulator Sebi.
At present, promoter holding in BGR Energy is at 78.01 percent and offloading via the Offer for Sale (OFS) route, would help the company in meeting the 25 per cent minimum public shareholding norms as stipulated by market regulator Sebi. Read This: Sell BHEL, BGR Energy, Thermax: Venkatesh
In an interview to CNBC-TV18, PR Easwar Kumar, president and chief financial officer, BGR Energy said that funds raised will be used by promoters. "We have raised around Rs 63 crore with stake sale transaction via the OFS route," he added.
Meanwhile, the company has registered around 20 percent year-on-year decline in its March quarter (FY13) profit to Rs 53.85 crore. Sales also declined 6.5 percent to Rs 1063 crore.
Currently, the order book is roughly over Rs 11000 crore and the company is focused on execution, delivery and balance opportunities in current year.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
