Wabco India zooms 20% on strong OFS response, company opts for oversubscription option – News 24-7 Live News 24-7 Live
Wabco India zooms 20% on strong OFS response, company opts for oversubscription option

Wabco India zooms 20% on strong OFS response, company opts for oversubscription option

  • Shares of Wabco India surged 20 percent on Friday as the company received a robust response for its offer-for-sale (OFS).
  • The company announced that it will exercise oversubscription option to the extent of 6.86 lakh shares in addition to the base offer size.
  • The promoter’s two-day stake sale through the OFS route opened on Thursday for non-retail investors and will open today for retail investors.

Shares of Wabco India surged 20 percent on Friday as the company received a robust response for its offer-for-sale (OFS). The stock rose as much as 20 percent to its day’s high of Rs 6,777.60 per share on the BSE.As per the BSE filing, the company announced that it will exercise an oversubscription option to the extent of 6.86 lakh shares in addition to the base offer size. The base issue size of the OFS is 9.10 percent or over 1.72 million equity shares, with a green-shoe option to retain over-subscription of 9.10 percent or over 1.72 million shares.

The promoter’s two-day stake sale through the OFS route opened on Thursday for non-retail investors and will open today for retail investors. The floor price for the offer has been fixed at Rs 5,450 a share, an 11 percent discount to Wednesday’s closing price of Rs 6.101.90.

Promoter ZF International UK will sell up to 34.3 million shares or an 18.1 percent stake (including green-shoe option). The promoter group intends to reduce its stake in WIL from 93.1 percent to 75 percent post the OFS.

News Source: CNBC TV 18

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