BGR Energy Systems’ promoter Sasikala Raghupathy has sold around 2.18 million shares, representing 3.01% stake in the company through offer-for-sale (OFS) route, to meet minimum public shareholding norms.
The promoter has fixed floor price at Rs 118 per share, a 7% discount to Thursday’s closing price of Rs 127 on BSE. At present, the promoters hold 78.01% stake in the heavy electrical equipment firm.
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.
