Essar Ports' promoters have set the floor price for its proposed Offer for Sale (OFS) at Rs 77 per share, which is a discount of 1.47% to the closing price of Rs 78.15 of company’s stock as on May 31, 2013 on the BSE. The company proposes to sell about 32.46 crore shares via OFS, to meet the market regulator SEBI's directive on minimum public shareholding. Further, the OFS, which will take place at the separate window of BSE, will commence on June 3, 2013 and close on the same day.
According to SEBI norms, all private sector listed companies need to have at least 25% public shareholding and promoters have been asked to lower their stake to 75 percent or below by June, 2013.
Essar Ports, part of the multinational conglomerate Essar Group, is engaged in business of providing end-to-end logistics services with investments in ports and terminals, logistics services, sea transportation and oilfield drilling services.
