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Promoters of publication group DB Corp will offload about 1.19 crore shares of face value of Rs 10 through the Offer for Sale mechanism at a price of Rs 205 a share on Friday. DB Corp publishes newspapers in four languages across 13 States in the country.
The stake sale will take place at a separate window of the BSE between 9-15 a.m. and at 3-30 p.m.
According to a company filing with the BSE, the allocation shall be made on the price priority basis at a multiple clearing price. Of the total sale shares being offered, 25 per cent would be reserved for mutual funds and insurance companies subject to orders being above floor price and according to the allocation methodology.
The promoters of the company are Jyoti Agarwal and Ramesh Chandra Agarwal and the merchant bankers for the deal are Kotak Securities and Citigroup Global Markets India.
According to data on the BSE Web site, the stake of Jyoti Agarwal and Ramesh Chandra Agarwal stood at 5.93 per cent and 17.46 per cent respectively at the end September.The overall stake of the promoter and promoter group stood at 81.51 per cent.
The move to pare promoter stake comes in the wake of the SEBI public shareholding norms directing listed private companies to cap promoter holding at 75 per cent by June 2013.
The company scrip closed flat at Rs 219 on the BSE.
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