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The offer-for-sale from JTEKT Corporation, promoter of Sona Koyo Steering Systems, opened for subscription to institutional investors on Monday. The promoter plans to sell 47.56 lakh shares, representing 2.39 per cent of the total paid-up equity share capital of the company, and fixed the floor price at ₹102 a share. The institutional portion received bids for just 27.74 per cent. The issue opens on Tuesday for retail investors and non-institutional investors can modify their order.
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