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United Spirits will dilute 6.99 per cent stake in Pioneer Distilleries through offer-for-sale. The move is to meet the SEBI guideline of maintaining at least 25 per cent public share holding. The deadline for minimum public holding expires next June.
Currently, United Spirits holds 81.99 per cent stake in the company. The offer-for-sale window will open on October 23 (Tuesday). The stock on Friday jumped 5 per cent to close at Rs 50.60 on the BSE.
Xchanging Solutions
Similarly, promoter of Xchanging Solutions have also announced offer-for-sale to dilute their stake. The offer, which is also scheduled to happen on October 23, will see a dilution of 0.63 per cent stake from Xchanging Solutions Mauritius.
Exchanges open a separate window for offer-for-sale, while trading can happen simultaneously on the stock in main platform.
So far nine companies, including ONGC, Wipro, DB Corp, Adani Power and Fresenius Kabi Oncology had tapped offer-for-sale route to dilute promoters' stake.
>badrinarayanan.ks@thehindu.co.in
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