GR Infraprojects’ promoters have announced plans to divest up to 5 percent of the company’s equity in order to comply with minimum public shareholding norms. As of December 31, 2023, the promoters held a 79.74 percent stake in the company, exceeding the SEBI regulation limit of a maximum 75 percent stake.
On March 7, shares of GR Infraprojects surged by more than 6 percent following the announcement that the promoters intend to sell up to 5 percent equity in order to adhere to the minimum public shareholding norms.
As per the company’s shareholding data for the December quarter, the promoters held a 79.74 percent stake in GR Infraprojects, exceeding the maximum allowable limit of 75 percent set by SEBI.
Trading activity for GR Infraprojects saw a significant surge on both the BSE and NSE, with a total of 53 lakh shares changing hands during the day. This volume is notably higher than the one-week and one-month average trading volumes of 46,000 and 97,000 equity shares, respectively.
The stock of GR Infraprojects experienced a morning surge, climbing approximately 6 percent to reach an intraday high of Rs 1,308.35 on the National Stock Exchange. Over the past year, the stock has demonstrated a 25 percent increase, aligning with the upward trend observed in the benchmark Nifty 50 index.
The promoters of GR Infraprojects, including Laxmi Devi Agarwal and Suman Agarwal holding a combined 2.08 percent stake, along with Ritu, Lalita, and Kiran Agarwal, with stakes of 2.03 percent, 1.97 percent, and 2.15 percent respectively, are planning to divest approximately 48.34 lakh shares.
The divestment process is expected to conclude within a defined period of one month starting from March 7, 2024, or until the actual completion of the sale of all equity shares, whichever comes earlier, as per the company’s statement.
The stake will be divested in either a single or multiple tranches, and the sellers have confirmed their commitment not to acquire any shares through open market transactions during the scheduled divestment period.
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