Sanghi Industries on Tuesday announced that its promoters, Ambuja Cements and Ravi Sanghi, will sell stakes in the company through an offer for sale (OFS). In an exchange filing, the company said that the promoters plan to sell 90,92,000 shares representing 3.52 per cent of the total issued and paid-up equity share capital.
The two-day OFS will open on June 26. The issue will open on June 26 only for non-retail investors and on June 27, (T+1 day) for retail investors and for non-retail investors who choose to carry forward their unallotted bids from T day. The floor price of the share will be Rs 90.
According to the exchange filing, the offer is being undertaken by the sellers, inter-alia, for achieving the minimum public shareholding of the company.
While Ambuja Cements will sell a total of 60,92,000 shares in the company, accounting for 2.36 per cent, Ravi Sanghi will offload 30,00,000 shares which accounts for 1.16 per cent of the company.
The OFS will be carried out by Monarch Networth Capital Limited, which has been listed as the broker.
Earlier on March 22, Adani Group-owned Ambuja Cements had sold a 2 per cent stake in Sanghi Industries Ltd for Rs 258.32 crore to achieve minimum public shareholding. With this, Ambuja Cements’ stake in Sanghi Industries had come down to 60.44 per cent from 62.44 per cent.