Despite being suspended for trading on the bourses since March 2024, Bangalore-based textile company Eastern Silk Industries' offer-for-sale (OFS) has received overwhelming response from investors only on the second and final day of bidding, i.e. July 30.
The offer-for-sale (OFS) issue recorded a massive 1,413.07 times subscription on July 30, the second day of bidding, but it did not get any bids on July 29, the first day of bidding.
The OFS has received bids for 26.5 crore shares against the offer size of 1.87 lakh shares, the subscription data on the NSE showed.
In terms of size in rupees, the issue has received bids worth Rs 52.99 crore at Rs 2 per share, against the offer size of Rs 3.75 lakh.
Notably, Eastern Silk Industries shares stopped trading on the bourses since March 7, 2024. On March 6, the last closing price on the NSE was Rs 1.8 and on the BSE at Rs 2.13.
The exchanges suspended trading in shares due to procedural reasons.
On July 28, 2025, promoter Baumann Dekor had proposed to sell up to 2.5 lakh shares (which is 5 percent of the total paid-up equity) on July 29 and July 30. The floor price for the offer was fixed at Rs 2 per share.
The OFS was opened for non-retail investors category on July 29 and for retail investors on July 30.
"Only retail investors shall be allowed to place their bids on July 30. Further, those non-retail investors who have placed their bids on July 29 and have chosen to carry forward their unallotted bids to July 30, shall be allowed to revise their bids on July 30 as per the OFS guidelines," the company said in its announcement on July 28.
Baumann Dekor, the seller, who held 100 percent equity stake in Eastern Silk Industries (as per the shareholding pattern of June 2025), has appointed SMC Global Securities as the sellers' broker.
On the financial front, the company recorded profit of Rs 3.96 crore in the financial year ended March 2025, against loss of Rs 12.3 crore in the previous fiscal. Revenue during the same period increased sharply to Rs 21.58 crore, up from Rs 18.92 crore.
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