Two promoter entities of GE T&D - Grid Equipments Private and GE Grid Alliance - are planning to sell 11.7 percent of the equity through the Offer For Sale route at a floor price of Rs 1,400 per share, the company informed stock exchanges on September 18.
In the event of oversubscription, the OFS has a green shoe option of 3.9 percent of the equity.
The offer for sale will open September 19, with day one for non-retail investors, and day two of the OFS will be open for retail investors as well as those in the non-retail category who choose to carry forward their unallotted bids.
10% of the OFS has been reserved for allocation to retail investors, while at least 25% of the issue is reserved for mutual funds and insurance companies.
The value of bids for the retail investor shall be limited to not more than Rs 2 lakh, aggregated across stock exchanges, the company said.
The indicative price for the non-retail category shall be conveyed separately.
JPMorgan India has been appointed as the broker to the OFS.
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!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
