The offer-for-sale by Kennametal Inc, promoter of Kennametal India Ltd, sailed through comfortably on Thursday.
As against an offer for 28.92 lakh shares, the promoter received bid for 58.65 lakh shares. The indicative price at which the maximum number of shares were bid for was Rs 476.02, well above the floor price of Rs 435.
The Kennametal India stock, however, crashed 9.06 per cent to Rs 485.15, on the BSE. The floor price fixed by the promoter was at a steep discount with respect to Wednesday's closing price of Rs 533.50.
The promoter was diluting its holding in the company to meet the SEBI norm of minimum public shareholding of 25 per cent in listed companies.