Puravankara founder gets bids worth $31 mn in share sale

The founder of real estate company Puravankara Projects Ltd got bids worth 1.7 billion rupees by selling shares to meet the market regulator's requirement of having at least 25 percent public shareholding.

By 3.30 pm, the single-day sale to investors had received bids for 20.6 million shares at an average price of Rs 81.52 each, provisional data from the bombay stock exchange (BSE) showed on Friday.

Also read: Puravankara's IPP oversubscribed 1.5 times

Ravi Puravankara, the company's founder, was selling a 6.62 percent stake, or 14.1 million shares, in the company at a floor price of Rs 81 each. Shares in Puravankara ended down 2.12 percent at Rs 83.10.

Founders of all listed Indian companies have to ensure a minimum 25 percent public shareholding by June-end to meet a new directive of the market regulator, the securities and exchange board of india (SEBI).