GR Infra shares fall as promoters to sell stake to meet shareholding norms

According to the company’s shareholding data at the end the December quarter, the promoters of GR Infraprojects held a 79.74 percent stake in the firm

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Shares of GR Infraprojects fell around 4 percent in trade on March 6 as some of the promoters plans to divest up to 5 percent equity in the company to meet minimum public shareholding norms.

At 1.14 pm, GR Infraprojects was trading at Rs 1,204.55 on the NSE.

According to the company’s shareholding data at the end the December quarter, the promoters held a 79.74 percent stake in the company. The SEBI allows promoters of any listed company to hold a maximum of 75 percent stake.

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The promoters intending to divest their aggregate holding of around 48.34 lakh shares of GR Infraprojects include Laxmi Devi Agarwal, Suman Agarwal, Ritu Agarwal, Lalita Agarwal and Kiran Agarwal.

Laxmi and Suman Agarwal collectively hold a 2.08 percent stake, Ritu, Lalita and Kiran Agarwal have a 2.03 percent, 1.97 percent, and 2.15 percent,  holding, respectively.

The stake sale will take place through open market transactions and will begin on March 7. The stake will be divested in a single or multiple tranches.  The sellers also affirmed that they would not acquire any shares through open market transactions during the scheduled stake sale dates.

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