Omaxe’s promoters are planning to sell 50 lakh shares, worth Rs 80 crore, on May 21, 2013 via offer for sale route (OFS) in order to dilute stake in the company to meet SEBI’s minimum public shareholding norms. The promoters had 89.14% stake in the company, as on March 31.
The entity is the first real estate company to opt for the OFS route to offload promoter shares. After this transaction, promoters’ stake will come down by about 3% to about 86%. The promoters are likely to offload more shares later to meet the June deadline for reducing their stake to 75%.
Omaxe is engaged in construction and contracting business. At present, the company is working on 42 real estate projects - 18 integrated townships including two hi-tech townships, 14 group housing projects, 8 shopping malls and commercial complexes, and two hotel projects.
