Aether Industries OFS: Promoter Purnima Desai To Offload 6.77% Stake

Aether Industries Ltd. promoter Purnima Desai is set to offload 6.77% of her stake in the company via an offer for sale, according to an exchange filing from the company on Monday.

The promoter will shed 6.77% of the paid-up equity share capital of the firm. This is equivalent to 89,79,173 equity shares having a face value of Rs 10 each. The sale will take place on May 13, 2025 for non-retail investors. The total face value of the stake is Rs 8.97 crore.

As of March, Desai held 3.2 crore equity shares, representing a 31.04% stake in the company, while total promoter shareholding stood at 81.77%. The offer for sale will bring the promoter stake down to 75%, in line with the minimum public shareholding rule that requires listed company promoters to reduce holdings above this threshold.

And similarly, on May 14, 2025, the sale will be carried out for retail investors and for non-Retail Investors who choose to carry forward their unallotted bids through a separate, designated window of the stock exchanges.

The allocation will be at or above the floor price on a price priority basis at multiple clearing prices, in accordance with the Securities and Exchange Board of India's OFS Circular. The exception will be in the case of retail investors, who will have an option to bid at or above the cut-off price.

At least 10% of the size of the offer is to be reserved for allocation to retail Investors. A minimum of 25% of the offer shares will be reserved for mutual funds and insurance companies.

DAM Capital Advisors Ltd. will act as settlement broker. JM Financial Services Ltd and UBS Securities India Private Ltd are the other two brokers involved in carrying out the sale.

Due to legal reasons, brokers will not be permitted to solicit bids for the offer shares or accept orders for bids for the offer Shares from people in the US.

Shares of Aether Industries Ltd., which made their stock market debut in June 2022, closed 2.05% higher at Rs 805.90 per share, compared to a 3.82% uptick in the benchmark Nifty. The share price has fallen 1.34% in the last 12 months and 9.14% year-to-date. Five analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg. The stock's return potential was at a downside of 1.8%.