Oberoi Realty promoter to sell shares via OFS

Oberoi Realty today said its promoters will sell 1.14 crore shares tomorrow at Rs 158 per share through stock exchanges to meet market regulator Sebi's guidelines on minimum public shareholding norm. The sale is expected to fetch over Rs 180 crore to the promoters if it is fully subscribed.

Also Read: Realty stocks under pressure on high inventories

In a filing to the BSE, the Mumbai-based developer said that its CMD and promoter Vikas Oberoi will sell 1,14,41,069 shares through Offer For Sale (OFS), representing 3.49 per cent of the total paid-up share capital of the company.

The floor price for the sale would be Rs 158 per equity share of the company, which is lower than the current market price. The company's share price closed at Rs 166.85 apiece on BSE, down by 1.65 per cent from previous closing.

Promoters had 78.49 per cent stake in the company as on June 30, 2013 and they need to pare their stake to 75 per cent for meeting Sebi guideline on minimum 25 per cent public shareholding for private sector listed companies.

Oberoi Realty has 36 completed projects across Mumbai.

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