Shares of Sanghi Industries were trading 2 per cent higher in Wednesday’s trade after hitting a low of Rs 96.55 apiece earlier today, as the two-day offer for sale (OFS) by promoters Ambuja Cements and Ravi Sanghi kicked off. Sanghi’s closing price of Rs 102.26 on Tuesday was reduced by 12 percent when the floor price of Rs 90 was set.
Ambuja Cements and Ravi Sanghi are looking to offload up to 3.52 per cent stake in Sanghi Industries via offer for sale (OFS), the company said in a stock exchange filing on June 25.
Non-retail investors are the only ones who can bid for the OFS today. Retail investors and non-retail investors who choose to carry forward their unallotted bids can bid on Thursday. The stock fell 5.6 percent to hit a low of Rs 96.50, only to trade 2.20 percent higher at Rs 104.51.
Adani group firm Ambuja Cements is offering an offer of up to 2.36 per cent stake for sale. Up to 1.16 per cent stake may be sold by Ravi Sanghi. As per the latest shareholding pattern, Ambuja Cements held a 60.44 percent stake in the company on March 31, while Sanghi held a 2.10 percent stake. The promoter group held a total stake of 78.52 per cent in the company as of March 31st.
