Monarch, GSEC To Sell Up To 5.98% Stake In Diamond Power Via Offer For Sale

Monarch Infraparks Pvt. and GSEC Ltd, the promoters of Diamond Power Infrastructure Ltd., have announced an offer for sale of up to 3.15 crore equity shares.

The sellers initially propose a base offer size to sell up to 2.1 crore equity shares, constituting 3.99% of the total issued and paid-up equity share capital, according to an exchange filing on Wednesday.

Additionally, there's an oversubscription option to sell an extra 1.05 crore equity shares, which would bring the total to 5.98% of the company's equity share capital, or 3.15 crore equity shares.

The floor price for the offer has been set at Rs 95 per equity share. The OFS will be conducted over two trading days on a separate window of the Stock Exchanges.

The offer for non-retail investors is from June 5 till June 6. Non-retail investors have the option to carry forward any un-allotted bids to the following day. The offer is open for both institutional and individual investors to participate in Diamond Power Infrastructure Ltd.

Diamond Power Infrastructure stock rose as much as 1.25% during the day to Rs 108.43 apiece on the NSE. It closed 0.64% higher at Rs 107.7 apiece, compared to an 0.32% advance in the benchmark Nifty 50 at close on Wednesday. It has risen 16.85% in the last 12 months and declined 29.94% on a year-to-date basis.