BGR Energy Systems’ promoter Sasikala Raghupathy is all set to sell 6.13% stake for about Rs 72 crore to meet the minimum public shareholding norms as mandated by market regulator Securities and Exchange Board of India (SEBI).
The promoter will offload little over 44.23 crore shares at a price of Rs 163 apiece on June 3, 2013. At the end of March quarter, promoters held 81.13% shareholding in BGR Energy. Out of that, Sasikala Raghupathy’s stake stood at 16.05%.
BGR Energy Systems is engaged in supplying of systems and equipment and contracting turnkey engineering project. The company started as a joint venture between GEA Energietechnik GmbH, Germany and the promoter B G Raghupathy in order to produce and sell on-line condenser tube cleaning systems, debris filters and rubber cleaning balls used in thermal and nuclear power plants.
