According to a regulatory filing made by the firm on September 14, the founders of GR Infraprojects Ltd. want to sell up to 6.8 per cent of the company, or around 65 lakh shares, during an offer for sale (OFS) on September 15 and 16. Offer For Sale is a procedure which allows the promoters to reduce their holdings listed in the company openly. These promoter-sold shares are made available for direct sale to the general public via a bidding procedure.
According to GR Infra, the sellers want to sell “up to 5,704,652 equity shares, in aggregate, representing up to 5.90 per cent of the total issued and paid-up equity share capital,” and they also have the option to sell an additional “optional” 870,202 equity shares, or up to 0.90 per cent of the total, if they choose to do so. The floor price set for each equity share is Rs. 1260 and the current promoter holding stands at 86.5 per cent.
According to GR Infra, the OFS aims to reduce promoter stakes in compliance with regulatory standards. It stated that the sale is being made by the sellers “among other things to achieve the minimum public ownership of the firm” as required by the laws.