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    G R Infra shares fall on announcement of stake sale via OFS

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    G R Infra shares fall on announcement of stake sale via OFS

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    The stock of G R Infra was trading 4.7 percent down at Rs 1310 on the BSE at the time of writing. 

    The shares of G R Infraprojects Ltd fell as much as 6.2 percent in trade on Thursday after the company announced that the promoters will offload a total of 65 lakh shares or 6.8 percent stake through the share sale.
    Promoters of the company — Laxmi Devi Agarwal, Suman Agarwal, Ritu Agarwal, Lalita Agarwal, Sangeeta Agarwal, Kiran Agarwal and Manish Gupta — will offload a total of 65 lakh shares or 6.8 percent stake through the share sale, the company said in an exchange filing.
    The shares will be sold at a floor price of Rs 1,260 per share, an 8.24 percent discount on the current market price (CMP). Currently, the promoters hold an 86.54 percent stake in the company.
    The offer-for-sale (OFS) will open on September 15 for institutional investors and on September 16 for retail investors.
    The stock of G R Infra was trading 4.7 percent down at Rs 1310 on the BSE at the time of writing.
    The OFS is to achieve the minimum public shareholding of the company. Axis Capital, ICICI Securities, Investec Capital Services, and SBICAP Securities advised GR Infraprojects Ltd on the share sale.
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