Puravankara founder receives bids worth Rs 170 crore in share sale - NDTV

Reuters | Updated On: May 24, 2013 18:45 (IST) Mumbai: The founder of real estate company Puravankara Projects Ltd got bids worth Rs 170 crore by selling shares to meet the Securities and Exchange Board of India (Sebi) requirement of having at least 25 per cent public shareholding. By 3.30 p.m., the single-day sale to investors had received bids for 2.06 crore shares at an average price of Rs 81.52 each, provisional data from the Bombay Stock Exchange showed on Friday. Ravi Puravankara, founder of the real-estate company, was selling a 6.62 per cent stake, or 1.41 crore shares, in the company at a floor price of Rs 81 each. Shares in Puravankara ended down 2.12 per cent at Rs 83.10 on Friday. Founders of all listed Indian companies have to ensure a minimum 25 per cent public shareholding by the end of June to meet a new directive of market regulator Sebi. Copyright @ Thomson Reuters 2013 For Profit Update, via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHix0ETHMu2EvQatH1EVcxVuG7Y2g&url=http://profit.ndtv.com/news/market/article-puravankara-founder-receives-bids-worth-rs-170-crore-in-share-sale-322614

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