Shares of GE Vernova T&D India fell to the 5% lower circuit on November 25 after its promoter, Grid Equipments Private Ltd, announced plans to sell up to 8.38% of its paid-up equity share capital through an Offer for Sale (OFS).
The stock dropped to Rs 1,823.50 on the NSE, hitting its lower price band for the day. The promoter has set a floor price of Rs 1,550 per share for the OFS, as per a regulatory filing.
Details of the Stake Sale
- Base Offer: 1.4 crore equity shares, representing 5.47% of the paid-up equity.
- Oversubscription Option: Up to an additional 74.51 lakh shares, equivalent to 2.91% of the equity.
- Broker: JP Morgan India Private Ltd has been appointed for the transaction.
OFS Timeline
- November 26, 2024: Open for non-retail investors (9:15 AM to 3:30 PM).
- November 27, 2024: Open for retail investors and unallotted non-retail investors (same timeframe).
Stock Performance
Despite today’s decline, GE Vernova T&D India shares have delivered impressive returns:
- Year-to-date (2024): Up by 244.53%.
- Past 1 year: Gained 339.02%, reflecting strong investor interest in the power transmission and distribution sector.
About GE Vernova T&D India
It is one of the major players in the power transmission and distribution solutions market. The proposed divestment was expected to bring new investors and liquidity to the stock, but the lower floor price raised a red flag among existing shareholders, who pressed the panic button today.
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Source: Moneycontrol
News Desk
