GE Vernova Promoter Plans To Sell Up To 8.38% Stake Via Offer For Sale

Grid Equipments Pvt., a promoter of GE Vernova T&D India Ltd., is likely to sell up to approximately 2.15 crore equity shares or an 8.38% stake via an offer for sale over two trading days. The floor price for the offer has been set at Rs 1,550 per share, according to an exchange filing on Monday.

The seller proposes to sell 1.4 crore equity shares — base offer — having a face value of Rs 2 each or 5.47% of the paid-up equity share capital of GE Vernova T&D on Tuesday for non-retail investors only.

The offer will also be open on Wednesday for retail investors and non-retail investors who choose to carry forward their unallotted bids. There will be an option to additionally sell up to 74.5 lakh equity shares or 2.91% of the paid up equity share capital of the company — the oversubscription option.

JP Morgan India Pvt. has been appointed as the broker on behalf of the seller.

In September, shares of GE Vernova T&D, formerly known as GE T&D India Ltd., were locked in the lower circuit after the company announced that its promoters, Grid Equipments and GE Grid Alliance BV, would sell an 11.7% stake through an OFS, with a green-shoe option of 3.9%.