Promoter ZF International UK will offload its 18.10 percent stake through an offer of sale, Wabco India has said.
Wabco India | Company reported profit at Rs 35.1 crore in Q2FY21 against Rs 33.85 crore, revenue fell to Rs 418.7 crore from Rs 446 crore YoY. (Image: Moneycontrol)
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WABCO India share price fell over 8 percent intraday on March 25 as one of its promoters plans to sell the entire stake in the auto parts and equipment company.
Promoter ZF International UK will offload 18.10 percent stake (Base Issue: 9.05 percent + Oversubscription Issue: 9.05 percent) through an offer of sale. The sale is being undertaken by the seller for achieving the minimum public shareholding requirement in the company, Wabco India said in an exchange filing.
The floor price was set at Rs 5,450 apiece, a discount of 10.7 percent to March 24 close of Rs 6,102.60 per share.
The stock was trading at Rs 5,602.95, down Rs 498.95, or 8.18 percent at 1129 hours. It has touched an intraday high of Rs 5,651 and an intraday low of Rs 5,510.
“We hereby notify that the seller proposes to sell 1,717,388 equity shares of the face value of Rs 5 each, representing 9.05 percent of the total issued and paid-up equity share capital of the company on March 25, 2021 with an option to additionally sell up to 1,717,387 equity shares (representing 9.05 percent of the total issued and paid-up equity share capital of the Company),” the company said in an exchange filing.
As on December 2020, the promoters, Wabco Asia Private Limited (75 percent) and ZF International UK (18.11 percent), collectively held 93.11 percent stake in the company.
“The government’s FAME-II scheme has led to an increase in the adoption of electric buses in the country and it can make a significant budget allocation to the Ministry of Urban Development to support State Transport Undertakings in procuring buses with other fuels like CNG, Diesel, Biofuel etc. This would also lead to reviving demand for commercial vehicle,” the company said in its FY20 annual report.
Brokerage firm ICICIdirect has Wabco India as one of its preferred picks. It favours subscribing the offer-for-sale, holding a positive view on the stock amid the cyclical upturn in its user segments.
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