Oberoi Realty promoter's share sale offer over subscribed

Written by Press Trust of India | New Delhi | Updated: Sep 27 2013, 03:59am hrs
Oberoi Realty promoters' offer to sell 1.14 crore shares through stock exchanges was subscribed 1.62 times, helping the company meet Sebi's minimum public shareholding norm.

As per the data available on the BSE, Oberoi Realty got bids for 1,85,79,667 shares as against 1,14,41,069 shares auctioned through Offer For Sale (OFS) route.

Oberoi Realty's CMD and promoter Vikas Oberoi offered to sell over 1.14 crore shares, representing 3.49 per cent of the total paid-up share capital of the company, at a floor price of Rs 158 per share.

The average price for bids was Rs 166.93 apiece. This was 100th OFS on the BSE platform.

The company's share price closed at Rs 174.70 apiece on BSE, up by 4.7 per cent.

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.