GE Vernova T&D India shares locked in 5% lower circuit as promoter plans to sell up to 8.38% stake- Grow Mudra

GE Vernova T&D India shares locked in 5% lower circuit as promoter plans to sell up to 8.38% stake

26 Nov , 2024 By : Debdeep Gupta

Shares of GE Vernova T&D India were locked in the 5 percent lower circuit on Tuesday as its promoter, Grid Equipments Private Ltd, announced plans to divest up to 8.38 percent of the company’s paid-up equity share capital.

The stock dropped to Rs 1,823.50 apiece on the National Stock Exchange (NSE), its lower price band for the day. The promoter has set a floor price of Rs 1,550 per share for the offer for sale (OFS), according to a regulatory filing.

The sale comprises a base offer of 1.4 crore equity shares, representing 5.47 percent of the company’s paid-up equity, with an option to oversubscribe up to an additional 74.51 lakh shares, equivalent to 2.91 percent of the equity.

GE Vernova T&D India is a prominent player in the power transmission and distribution solutions segment.

As per exchange data, the Offer for Sale (OFS) is scheduled to open for non-retail investors on November 26, 2024, between 9:15 am and 3:30 pm. Retail investors and unallotted non-retail investors will have access to the OFS on November 27, 2024, during the same timeframe. JP Morgan India Private Ltd has been designated as the broker for the transaction.

Shares of the company have delivered 244.53 percent returns in 2024 so far, according to BSE Analytics. In the last year, the shares have gone up by 339.02 percent.