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The stock of Keerthi Industries tumbled 4.5 per cent to Rs 14.8 on the BSE in early trade on Monday on stake dilution by promoters.
The company informed the BSE that SEBI has approved stake sale by promoters through open market sale. Currently, promoters hold 76.2 per cent stake in the company.
The company's promoter J. Seshagiri Rao will dilute two lakh shares between March 25 and April 24.
The move will help Keerthi Industries, formerly known as Suvarna Cements, to meet the minimum public shareholding norm of 25 per cent
According to SEBI mandate, all the listed companies should have a minimum public stake of 25 per cent by June 30.
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