In a bid to meet market regulator Securities and Exchange Board of India’s (SEBI’s) guideline on minimum public shareholding, Omaxe’s promoters are set to offload 1.1 crore shares, worth about Rs 150 crore, through stock exchange on October 29. Promoter group’s three companies -- Constellation Capital, Kautilya Monetary Services and SA Finvest -- have together offered to sell 1,10,20,000 shares through OFS on BSE platform. The offer represents 6.35% of the total paid up share capital of the company as on date.
At present, Promoters hold 81.35% stake in Omaxe. The promoters need to pare their stake to 75% for meeting the market regulator SEBI’s norms on minimum 25% public shareholding for private sector listed companies. Omaxe is one of India’s leading real estate development companies.
Founded in 1987, the company has fast spread its footprints in 9 states across 30 cities.