Narayani Steels zooms over 500% in 2022, promoter to sell 4.9% stake today
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Non-retail Investors will be allowed to place their bids on December 27 (T-Day), while retail investors will be allowed to place their bids only on the T+1 day
After a 56 percent decline in 2021, this year has been remarkable for Narayani Steels. The company’s shares zoomed over 580 percent in 2022.
The scrip will be more in focus today and tomorrow as promoter Aditya Agarwal has proposed to sell 5.44 lakh equity shares, representing 4.99 percent of his holding through an offer-for-sale. The floor price for the sale has been fixed at Rs 75 per share.
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Non-retail investors will be allowed to place their bids on December 27 (T-Day), while retail investors will be allowed to place their bids only on the T+1 day.
“Non-retail investors who have placed their bids on T-day and have chosen to carry forward their bids to T+1 day, shall be allowed to revise their bids on T+1 day,” said an exchange filing by the company.
Narayani Steels manufactures and sells TMT bars, rounds, squares, angles, billets, blooms, and so on. Trading is restricted on the counter on account of IBC (Insolvency and Bankruptcy Code) proceedings.
In January this year, the Kolkata bench of the National Company Law Tribunal (NCLT) had approved a resolution plan submitted by Rishikunj Vincom Private Limited for corporate debtor Narayani Steels.
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