Sanghi Industries shares gain as OFS by Ambuja Cements, Ravi Sanghi kicks off

Shares of Sanghi Industries were trading 2 per cent higher in Wednesday's trade after hitting a low of Rs 96.55 apiece earlier today, as the two-day offer for sale (OFS) by promoters Ambuja Cements and Ravi Sanghi kicked off. The OFS floor price of Rs 90 was set at a 12 per cent discount to Sanghi's closing price of Rs 102.26 on Tuesday.

Ambuja Cements and Ravi Sanghi are looking to offload up to 3.52 per cent stake in Sanghi Industries via offer for sale (OFS), the company said in a stock exchange filing on June 25.

Only non-retail investors can bid for the OFS today. Retail investors and non-retail investors, who choose to carry forward their unallotted bids, can bid on Thursday.  The stock fell 5.6 oer cent to hit a low of Rs 96.50, only to trade 2.20 per cent higher at Rs 104.51.

Adani group firm Ambuja Cements is offering offer up to 2.36 per cent stake for sale. Ravi Sanghi is looking to sell up to 1.16 per cent stake. As per the latest shareholding patter, Ambuja Cements held a 60.44 per cent stake in the company on March 31, while Sanghi held 2.10 percent stake. The promoter group held a total stake of 78.52 per cent in the company as of Mar 31.

(more to come)