GE Vernova T&D Promoter Announces Sale of 8.3% Stake Through Offer for Sale Mechanism

Grid Equipments, the promoter of GE Vernova T&D India, announced plans to sell up to 8.38% of its stake in the company via an offer for sale (OFS). This sale will commence on Tuesday and end on Wednesday. The base offer includes 1.4 crore equity shares, representing 5.47% of the paid-up equity, with an option to oversubscribe by an additional 74.51 lakh shares, totaling 2.14 crore shares.

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The shares have a face value of Rs 2 each, and the seller has set a floor price of Rs 1,550 per share. This transaction will be conducted through a separate trading window on both the BSE and NSE, as stated in a regulatory filing by the company.

Offer Details and Participation

Non-retail investors can place bids during trading hours on November 26, with the possibility of carrying forward unallocated bids to the next day. Retail investors and eligible non-retail bidders can participate on November 27, with 10% of the offer reserved for retail participants.

The allocation process will prioritise bids at or above the floor price for non-retail investors. Retail investors can bid at the cut-off price determined on the first day. Any oversubscription will be managed proportionally.

Brokerage and Regulatory Information

JP Morgan India has been appointed as the broker for this transaction. The OFS is not considered a public offer, and shares will be sold based on existing public and regulatory information. Prospective buyers are advised to review details thoroughly before bidding.

GE Vernova T&D India Ltd, previously known as GE T&D India Ltd, is a significant entity in the energy transmission and distribution sector. On Monday, shares of GE Vernova T&D India increased by 3.32%, closing at Rs 1,916.65 each on the BSE.

This strategic move by Grid Equipments aims to adjust its holdings while providing investment opportunities for interested parties within regulatory frameworks.