US-based Kennametal Inc will be diluting its stake in Indian subsidiary Kennametal India by selling nearly 29 lakh shares, or 13.16% via offer for sale on March 14, which could fetch the former approximately Rs 166 crore. The promoter holding in the company presently stands at 88.16% and post the dilution it will go down to 75%.
Further, the stake sale could be intended for meeting the minimum public float norms stipulated by the market regulator, SEBI. The shares would be sold through the offer for sale route in a separate window in BSE on March 14.
Kennametal is a leading global supplier of tooling, engineered components and advanced materials that are consumed in production processes. It provides customers with a broad range of technologically advanced tools, tooling systems and technical services.
