Jaiprakash Power's share sale programme subscribed 76%
Mumbai: Jaiprakash Power Ventures' offer for sale of 2.9 crore shares was subscribed 76 percent till late afternoon, stock exchange data showed on Friday.
The offer for sale of 2.9 crore shares of Jaiprakash Power Ventures, had received bids for 2.22 crore shares till 1520 hrs.
The floor price for the sale is Rs 33.50 apiece, which is at a discount of over 3 percent to the current market price of Rs 34.80.
Based on the minimum bidding price, the sale of 2.22 crore shares would fetch at least Rs 74.63 crore.
Jaypee Infra Ventures currently owns 21.46 crore shares, or 8.18 percent in Jaiprakash Power Ventures, while total promoter holding is 76.11 percent.
Goldman Sachs India Securities Private Ltd is the seller member to the offer.
The offer for sale is being carried out through a separate window on the stock exchanges.