Comments
The stock of diversified company 3M India fell by 3.65 per cent at Rs 3,599 on Monday after the company said that its promoter intends to off load one per cent of its holding through the offer-for-sale option.
In a filing with the BSE, the company said that this was being done to comply with the minimum public shareholding requirement of 25 per cent for private companies as prescribed by SEBI.
The deadline for privately held companies to comply with the same is June while the same for state run firms in August.
“This is to inform you that subject to appropriate market conditions, we, the seller, intend to reduce our shareholding in the company, in accordance with Clause 40A of the Listing Agreement, by way of an offer for sale through the stock exchange mechanism as soon as possible and in any event prior to June 3, 2013,” said the US-based parent through an emailed addressed to the Ajay Nanavati, managing director of 3M India.
The promoter’s share in the company stands at 76 per cent for the quarter ended December 2012.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.