Omaxe hits a new low
By
Research Desk
about 11 years ago
Omaxe is deep in the red today. The stock hit a new 52-week low today at Rs.131.65 and it currently remains around the same levels, down 3%.
The stock is in the red as the market is disappointed with the floor price of Rs.130/share fixed by the company, which was at a discount to the market price.
Promoters of realty firm Omaxe are selling over 1.1 crore shares today at Rs. 130 a piece in order to meet market regulator SEBI’s norms on minimum public shareholding. The promoters currently have 81.35% stake and they need to bring it down to 75%. This is the fourth OFS by the promoters as the previous three issues were undersubscribed. With this lower price, one wonders if investors wouuld bite the bait at this OFS rate too.