Huge auction in WABCO post OFS as bears trapped in Wendt-style ambush – News 24-7 Live News 24-7 Live
Huge auction in WABCO post OFS as bears trapped in Wendt-style ambush

Huge auction in WABCO post OFS as bears trapped in Wendt-style ambush

  • The huge auction comes close on the heels of Wabco India’s offer for sale (OFS) issue
  • A similar situation had played out in the shares of machine tools maker Wendt in January this year.

Around 4.62 lakh shares of auto ancillary firm WABCO India were auctioned on the NSE for around Rs 7500 a share, brokers tracking the stock told CNBCTV18.com. This is a 33 percent premium to WABCO’s closing price of Rs 5643 last Thursday (March 25), the day on which the sellers sold the shares, but could not deliver them on Monday.

Shares are auctioned when a seller is unable to deliver the shares which he/she has sold, to the stock exchange clearing house. The seller then has to buy the shares in the auction, and deliver it to the clearing house.The huge auction comes close on the heels of Wabco India’s offer for sale (OFS) issue, in which the promoters sold around 24 lakh shares. The issue was open for bidding on March 25 and March 26 with a floor price of Rs 5450, an 11 percent discount to the last traded price.

News Source: CNBC TV 18

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