GE Vernova T&D India Ltd shares hit the lower circuit on Monday following an announcement by its promoter, Grid Equipments Private Limited, to sell up to 8.38% stake via an offer for sale (OFS). The floor price for the sale has been set at Rs 1,550 per share, significantly lower than the stock’s last traded price.
The OFS involves the sale of 14,000,000 equity shares with a face value of Rs 2 each. The offer will open in two tranches:
- For Non-Retail Investors: Opens on November 26, 2024, at 9:15 AM and closes the same day at 3:30 PM.
- For Retail Investors: Opens on November 27, 2024, at 9:15 AM and closes at 3:30 PM.
Both offerings will be conducted through a separate window of the stock exchanges, adhering to SEBI regulations.
This move is expected to enhance liquidity for Grid Equipments Private Limited, while providing institutional and retail investors an opportunity to acquire shares in a leading company in the transmission and distribution sector.
As of 9:21 AM, shares of GE Vernova T&D India were trading 5% lower at Rs 1,823.50 on the NSE, reflecting investor concerns about the discounted floor price
