Wabco India's promoter group plans to sell up to 6.5 lakh shares for at least Rs 425.75 cr

Auto components maker Wabco India Ltd on Tuesday said its promoter group ZF International UK Ltd plans to sell up to 6.5 lakh equity shares for at least Rs 425.75 crore through the stock exchanges.

In a regulatory filing, Wabco India said the seller proposes to sell 5 lakh equity shares of a face value of Rs 5 each representing 2.64 per cent of the total issued and paid-up equity share capital of the company.

Moreover, an option to additionally sell up to 1.5 lakh equity shares representing 0.79 per cent of the total issued and paid-up equity share capital has been kept in case of oversubscription, it added.

''The floor price for the sale shall be Rs 6,550 per equity share of the company,'' it added.

At the floor prices fixed, the total value of the proposed 'offer for sale' comes to Rs 425.75 crore.

The company said the sale will take place over two trading days with June 23 being kept for the non-retail investors, and June 24 for retail investors and non-retail investors who choose to carry forward their bids.

A 'retail investor' would mean an individual investor who places bids for sale shares of total value of not more than Rs 2 lakh, it said.

Minimum 10 per cent of the sale shares would be reserved for retail investors subject to receipt of valid bids, it added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)