Aether Industries Shares Fall To One-Month Low As Promoter Offloads Equity Under OFS
The offer comprises the sale of up to 89.79 lakh shares, representing 6.77% of the company's total equity.
Aether Industries Ltd.'s share price tanked 6.77%, its sharpest fall in over one-month, after promoter Purnima Desai began trimming its equity holding under an offer for sale of shares. The share sale is taking place for non-retail investors today.
While placing their bids, non-retail investors can indicate their willingness to carry forward their un-allotted bids to T+1 day (April 7) for allocation to them in the unsubscribed portion of the retail category.
On Wednesday, retail investors, employees, and non-retail investors will be allowed to bid for shares under the OFS.
The offer comprises the sale of up to 89.79 lakh shares, representing 6.77% of the company's total equity, according to exchange filing on Monday. The floor price for the sale has been set at Rs 700 per share, which marks a discount of nearly 14% to the previous closing price.
The promoter held an 31.04% stake in the company as of the March quarter, according to data available on the BSE.
Aether Industries Share Price Declines
Shares of Aether Industries fell as much as 6.25% to Rs 755.55 apiece, the lowest level since April 7. They pared losses to trade 3.51% lower at Rs 777.60 apiece, as of 11:01 a.m. This compares to a 0.70% decline in the NSE Nifty 50.
The stock has fallen 4.80% in the last 12 months and 12.23% year-to-date. Total traded volume so far in the day stood at 1.2 times its 30-day average. The relative strength index was at 55.66.
All five analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 35.2%.
