Shares of GR Infraprojects rallied over 6 percent on March 7 after the promoters decided to divest up to 5 percent equity in the company to meet the minimum public shareholding norms.
According to the company's shareholding data, at the end of the December quarter, the promoters held a 79.74 percent stake in the company. Sebi allows promoters of any listed company to hold a maximum of 75 percent stake.
So far in the day, a total of 53 lakh shares of the company changed hands on BSE and NSE combined, way higher than the one-week and one-month average trading volume of 46,000 and 97,000 equity shares, respectively.
The stock of GR Infraprojects jumped around 6 percent in morning deals to hit an intraday high of Rs 1,308.35 on the National Stock Exchange. In the last one year, the stock has risen 25 percent, in line with the rise seen in benchmark Nifty 50.
Follow our market blog to catch all the live updates
The promoters intending to divest their aggregate holding of around 48.34 lakh shares of GR Infraprojects include Laxmi Devi Agarwal and Suman Agarwal, who collectively hold a 2.08 percent stake in company, while Ritu, Lalita and Kiran Agarwal have 2.03 percent, 1.97 percent, and 2.15 percent holdings, respectively.
The divestment process is scheduled to be finalised within a defined period. This period spans one month, starting from March 7, 2024, or the actual date of completion of the sale of all equity shares, whichever occurs earlier, the company said.
The stake will be divested in a single or multiple tranches. The sellers also affirmed that they would not acquire any shares through open market transactions during the scheduled stake sale dates.
Also Read | GR Infra promoters to sell stake to meet shareholding norms
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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!
