In a bid to comply with the SEBI’s minimum public shareholding norms, the promoters of Omaxe are planning to launch an offer for sale (OFS) soon. The real estate developer’s promoters will have to dilute nearly 15% of their stake for the same. The stake sale procedure is expected to conclude prior to the June deadline set by the capital market regulator.
The company has appointed Antique Capital Markets and Ernst & Young Merchant Banking Services to advise them on the stake sale.
As per the norms, privately promoted companies are expected to have public shareholding at 25% by June, while the same for the state-run listed firms has been relaxed to 10%, which is to be met by August.
