Sona Koyo dips 4% as promoter to sell 2.4% shares at discount
Shares of Sona Koyo Steering Systems declined by over 4% today as promoter JTEKT Corp announced plans to sell up to 2.39% stake in the company through an offer for sale at a discount of 8% to the current market price.
JTEKT will sell 4.76 million shares through offer for sale at a floor price of Rs102 per share.
The offer for sale will be open for institutional investors today and for retail investors on Tuesday.
Sona Koyo Steering Systems Ltd is currently trading at Rs106.40, down by Rs4.75 or 4.27% from its previous closing of Rs111.15 on the BSE.
The scrip opened at Rs108.15 and has touched a high and low of Rs108.90 and Rs106.30, respectively. So far 2,50,761(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs2,209.02cr.