The offer for sale of Indosolar Ltd. equity shares, valued at Rs 305 crore, will open on Thursday, Sept. 18. Promoter Waaree Energies Ltd. has offered to sell 61 lakh shares, representing 15% of Indosolar’s issued and paid-up capital, to comply with the minimum public shareholding requirements, as per a stock exchange filing.
The divestment will be conducted via the BSE and National Stock Exchange using the offer for sale mechanism.
The equity share has a face value of Rs 10. The offer price for Indosolar OFS is Rs 500, a nearly 4% premium over the last closing price.
Only non-retail investors will be allowed to place their bids on Thursday. Non-retail investors who place bids on Sept. 18 and choose to carry forward their unallotted bids to Friday (Sept. 19) will be permitted to revise their bids on Friday, as per OFS guidelines.
The OFS will open for retail investors on Sept. 19. Retail investors are categorized as those bidding for shares worth not more than Rs 2 lakh. The company has reserved 10% of the offer size for small investors.
Any unsubscribed portion of the non-retail category after allotment shall be eligible for allocation in the retail category and vice versa.
