The Mumbai-based realty firm is expected to garner over Rs 180 crore through this issue if it is fully subscribed.
Oberoi Realty shares fell 2.5 percent initially on the day of its offer for sale (OFS) issue opened on a separate window in exchanges for selling 1.14 crore shares.
The sale of shares through OFS is for complying minimum public shareholding norms. The company has set a floor price at Rs 158 per share.
The Mumbai-based realty firm is expected to garner more than Rs 180 crore through this issue if it is fully subscribed.
"CMD and promoter Vikas Oberoi will sell 1,14,41,069 shares through offer for sale (OFS), representing 3.49 percent of the total paid-up equity capital of the company," the company said in its filing.
Promoters holds 78.49 percent stake in the company as of June 30, 2013. They need to reduce their stake to 75 percent for meeting minimum 25 percent public shareholding norm set by SEBI for private sector listed companies.
At 09:44 hours IST, the stock was down 1.17 percent to Rs 164.90 on the Bombay Stock Exchange.
(Posted by Sunil Shankar Matkar)