Shares of Sheela Foam dropped 3% on the BSE in Wednesday's late morning trade after two promoters of the company decided to sell 8.68% stake in the company via offer for sale on March 27-28. The stock fell at the lowest level, since July 2007
The floor price of the offer shall be Rs1,100 per share and the sale shall take place over two trading days starting March 27, the company said in the BSE filing after markets hours on Tuesday.
The promoters will sell 42.33 lakh equity shares representing 8.68% of the total paid up equity share capital of the company, with an option to sell a further 4.87 lakh equity shares each representing 1% stake for both promoters, the company added.
Sheela Foam Ltd is currently trading at Rs1,253.20, down by Rs36.8 or 2.85%, from its previous closing of Rs1,290 on the BSE. The scrip opened at Rs1,222 and has touched a high and low of Rs1,257.20 and Rs1,201.75, respectively.
The BSE group 'B' stock of face value Rs5 has touched a 52-week high of Rs1,817.95 on September 11, 2018, and a 52-week low of Rs1,230 on January 25, 2019. Last one week high and low of the scrip stood at Rs1,333 and Rs1,263, respectively.
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