GE Vernova Promoter Plans To Sell Up To 8.38% Stake Via Offer For Sale
JP Morgan India has been appointed as the broker on behalf of Grid Equipments for the OFS.
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%.
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The share price of GE Vernova closed 2.42% higher at Rs 1,919.45 apiece on the National Stock Exchange, compared to a 1.32% advance in the benchmark Nifty 50. The OFS announcement was made after market hours.
Five out of the six analysts tracking the company have a 'buy' rating on the stock, while one recommends 'hold', according to Bloomberg data. The average of the 12-month analysts' price targets implies a potential upside of 12.8%.
