Diamond Power Infra shares rise up to 6 percent as promoters offload stake in OFS to meet shareholding norm

Shares of Diamond Power and Infra are sharply higher on very strong volumes, and the company has a market capitalisation of close to Rs 6,000 crore.

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Shares of power T&D product and services player Diamond Power Infrastructure are higher by over six percent on June 4, after the promoters of the company announced plan to sell up to 5.98 percent equity through an Offer for Sale (OFS) on June 5-6 - at a floor price of Rs 95 per share - in order to meet the public shareholding norm.

Monarch Infraparks and GESC - both promoter entities - will be selling the shares through an offer for sale that has a greenshoe option of 1.99 percent on a base issue of 3.99 percent, the company said. The OFS will stay open for non-retail investors on June 5, and for the retail investors on June 6. Both Monarch Infraparks and GESC are offering equal share in the OFS.

The combined volumes on June 5 were higher than the one-month average by 5-6 times.

At the Rs 95 per share, the floor price is sharply lower to the current market price of Diamond Power Infra which have seen very strong volumes. Despite a sharp rally in the share price, the scrip is 41 percent below its 52-week high. The company has a market capitalisation of close to Rs 6,000 crore.

As of March 2025, the promoter holding has remained unchanged at 90 percent in the March 2025 quarter.

During November last year, the board had approval a fund raising proposal worth Rs 500 crore.

Diamond Power Infrastructure (DPIL) had undergone a Corporate Insolvency Resolution Process (CIRP) under the IBC in 2018. The process concluded with the approval of a resolution plan by GSEC in a consortium with Rakesh Shah, and was approved by the NCLT in 2022.