Accel Frontline promoters - NR Panicker, Accel Systems Group Inc, US, and Accel Ltd - have decided to sell 38.88 lakh shares of the company through the offer for sale mechanism on the NSE. The stake sale will take place on January 27 and the floor price will be submitted to the NSE in a sealed cover, said a company statement to the NSE. Currently promoters control 89.02 per cent stake in the company and the proposed stake sale will help them meet SEBI's minimum public shareholdiing norm of 25 per cent. The stock of Accel Frontline closed at ₹92.25 on the BSE, a gain of 1.8 per cent over the previous day’s close.
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