GR Infraprojects Promoters to Sell 5% Stake for Compliance, Shares Dip 4%

6 Mar 2024 , 04:19 PM

GR Infraprojects faced a 4% decline in its shares on March 6 as some of the promoters plan to sell up to 5% of the company’s equity to meet the minimum public shareholding requirements. Currently trading at ₹1,221.90 on the NSE at the time of writing, the promoters, holding a 79.74% stake according to December quarter data, aim to comply with SEBI’s maximum 75% stake limit for listed companies. 

The planned divestment involves approximately 48.34 lakh shares and includes promoters such as Laxmi Devi Agarwal, Suman Agarwal, Ritu Agarwal, Lalita Agarwal, and Kiran Agarwal. The sale, set to begin on March 7 through open market transactions, may occur in single or multiple tranches. Importantly, the sellers commit not to acquire any shares during the scheduled stake sale dates.

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