Shares of Indostar Capital Finance Ltd. fell about 5% during early trade on Wednesday after promoters Indostar Capital and Everstone Capital Partners II LLC proposed to sell up to 1.93 crore equity shares, representing 14.21% of the total paid-up equity share capital of the company.
The company announced the sale of these equity shares in accordance with the comprehensive framework on offer for the sale of shares through the stock exchange mechanism issued by the Securities and Exchange Board of India.
The offer is to take place over two trading days—on Wednesday for non-retail investors and on Thursday for retail investors.
The floor price for the offer shall be Rs 95 per share, according to a May 2 exchange filing.
Shares of the non-banking financial company dropped by 4.98% to Rs 118.3 apiece, compared to the decline in the NSE Nifty 50 by 0.19% as of 10.35 a.m.
The stock fell as much as 4.98% intraday, the lowest since April 13, and has been locked in a lower circuit since opening.
Total traded volume stood at 2.6 times its 30-day average.
Out of the two analysts tracking the company, one maintains a 'buy' rating, while the other suggests a 'sell' rating, according to Bloomberg data.
The return potential, as calculated by the consensus of analyst estimates, stands at an upside of 50.5% over the next 12 months.
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