This machine tool maker is selling shares at 30% discount via OFS

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This machine tool maker is selling shares at 30% discount via OFS


NEW DELHI: Wendt, a machine tool maker owned by Carborundum Universal and Wendt GmbH, has launched an offer for sale at a discount of 30 per cent to the prevailing price to raise nearly 21 crore and meet maximum promoter shareholding norms.

The company’s shard had doubled since it hit a 52-week low in March. As the share prices have risen dramatically in the past few months, some promoters are making the best of the situation by selling shares.

The offer for sale opened for non-retail investors on Thursday. Retail investors can bid for the shares on Friday. The issue is prices at Rs 2,200, a discount of 29.13 per cent from last closing price.

As of 11.25, the issue was subscribed 10 per cent, as per data available with BSE.

In the stake sale, promoters propose to sell up to an aggregate of 94,704 equity shares of the company representing 4.74 per cent of the share capital. They currently hold 79.74 per cent in the Rs 600 crore firm.

Following the announcement, shares of the company tanked nearly 6 per cent to Rs 2,921.20 on BSE.





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