The offer-for-sale by the Poddar Group for 8.77 per cent of their holding in Gillette India was fully subscribed on Wednesday. With this, the company would now comply with market regulator SEBI’s minimum public shareholding norm.

The OFS attracted bids for over 38.89 lakh shares, or 1.36 times, against 28.57 lakh shares on offer at the close of market hours, according to data available with the exchanges.

Though Gillette India had on Tuesday fixed the floor price at Rs 1,650 a share for the OFS, maximum number of shares was tendered at Rs 1,925.66. The sellers thus, garnered a little over Rs 550 crore.

The company’s stock jumped over 5 per cent to close the day at Rs 2,057.70 on the BSE.

(This article was published on November 13, 2013)
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