GE T&D India Ltd. promoters Grid Equipments Pvt. and GE Grid Alliance BV will sell up to 3 crore equity shares or a 11.7% stake in the company, through an offer for sale on Thursday and Friday. The floor price for the OFS has been set at Rs 1,400 per share, according to an exchange filing on Wednesday.
The OFS also includes an oversubscription option of 3.9%, allowing an additional sale of 1 crore shares. The offer opens on Thursday for non-retail investors, while Friday will also include retail investors and non-retail bidders carrying forward unallotted bids.
In the OFS, 10% is reserved for retail investors, with at least 25% allocated to mutual funds and insurance companies. Retail bids are capped at Rs 2 lakh across exchanges, and the indicative price for non-retail investors will be disclosed separately.
The sellers have appointed JP Morgan India Pvt. as the broker to the OFS.
Shares of GE T&D India closed 1.07% higher at Rs 1,705 per share on the BSE, compared to a 0.16% decline in the benchmark Sensex.
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