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Puravankara Projects' offer-for-sale oversubscribed

By Religare

Puravankara Projects promoters' offer-for-sale (OFS) to offload 1.41 crore equity shares was subscribed 1.46 times, enabling them to raise Rs 115 crore while meeting the norms of market regulator on minimum public shareholding.

BSE data showed that promoters received bids for 2,05,71,584 shares were received till 15:30 hours, as against 1,41,35,576 shares on offer.

Ravi Puravankara, the promoter of the company, had set the price at Rs 81 per share to sell 1.41 crore shares to meet the SEBI norm of minimum 25 per cent public shareholding.


Earlier, the company had launched Institutional Placement Programme (IPP) which was also oversubscribed 1.5 times. Through IPP, Puravankara offered 2,37,25,351 shares at a price band of Rs 80-85 per share. At issue price of Rs 81 per share, the company has raised Rs 192 crore through IPP.

Following the two offers, promoters' stake will come down by about 9 per cent via IPP and over 6 per cent through OFS.

Read more about: puravankara projects
Story first published: Friday, May 24, 2013, 23:37 [IST]
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