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Shares of Adani Enterprises tumbled 3.37 per cent at Rs 208.75 at 12.30 p.m. on the BSE on Friday as one of its promoters plans to dilute stake.
The company on Thursday announced that Adani Agro, one of the promoters of the company, has decided to pare stake in the company through offer for sale on March 4.
Adani Agro, which plans to sell 85 lakh shares in the auction through the stock exchanges window, said that the floor price for the OFS will be announced after trading hours on Friday.
In a similar exercise last month, Adani Agro sold 70 lakh shares of Adani Enterprises that brought down its stake in the company to 8.33 per cent from from 8.96 per cent.
The promoters of Adani Enterprises held a 77.87 per cent stake in the company at the end of December 31, 2012, and before June they have to reduce it to 75 per cent as per regulatory norms.
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