Bartronics India Ltd. has announced an offer for sale of 1.91 crore equity shares, representing 6.29% of the company's share capital, by promoter Kinex India Pvt.
The OFS will be executed through the stock exchange mechanism, with shares being offered at a floor price of Rs 22 each, translating to a total value of approximately Rs 42.1 crore, according to an exchange filing on Monday.
The sale will be conducted in two phases. Non-retail investors will have the opportunity to place bids on Tuesday (T Day), while retail investors, as well as non-retail investors wishing to carry forward un-allotted bids, will be able to place orders on Wednesday (T+1 Day), it said.
The sale will be facilitated through the trading platforms of the National Stock Exchange and the BSE. The former will act as the designated stock exchange for the OFS, while Kotak Securities Ltd. has been appointed as the seller broker for the transaction.
The allocation of shares will be made at or above the floor price on a price priority basis at multiple clearing prices. A 10% allocation, equivalent to 19.15 lakh equity shares, is reserved for retail investors. In this case, a retail investor is an individual who places bids for shares worth not more than Rs 2 lakh across exchanges.
If any portion of the shares reserved for retail investors remains unsubscribed, it will be allocated to non-retail investors who opt to carry forward their un-allotted bids from T day to T+1 day. Non-retail investors will need to indicate their willingness to carry forward their bids in advance.
Bartronics is an information technology service provider and offers application development, IT infrastructure management, software quality assurance and testing, strategic consulting and identification technology solutions.
Shares of the company closed 3.52% higher at Rs 22.38 apiece on the NSE before the announcement, compared to a 1.47% decline in the benchmark Nifty. The share price has risen 7.34% in the last 12 months. There are no analysts tracking the stock.
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