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The stock of Jaypee Infratech fell 3.76 per cent to Rs 51.15 at 11.15 a.m. on the BSE after the company's promoter Jaiprakash Associates said it will sell 2.78 crore shares of the company through the offer-for-sale route on Thursday.
The company disclosed the information to exchanges after the market hours on Tuesday.
The stock hit a high of Rs 53.20 and a low of Rs 50.50 so far during the day. The stock's 52-week high and low are Rs 61.50 and Rs 39.80.
The share sale, through offer for sale route, will open at 9:15 IST and close at 15:30 IST on January 24, through a special window provided by both, the BSE and the NSE.
Jaiprakash Associates said it has also kept the option of selling 7.06 crore additional shares of Jaypee Infratech (JIL) over and above the offer made in the share sale.
Jaiprakash Associates said it will declare the floor price for the share sale after the market hours today.
Jaiprakash Associates held 83.16 per cent stake in JIL and to comply with minimum public shareholding norm of 25 per cent, promoters are diluting stake in the company.
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