Sheela Foam plummets 6% after promoters offer to sell stake

Shares of Sheela Foam tanked 6 percent intraday on March 27 after two promoters of the company decided to sell 8.68 percent stake in the company via offer for sale on March 27-28.

The company in its BSE release said that the promoters will sell 42,33,764 equity shares representing 8.68 percent of the total paid up equity share capital of the company, with an option to sell a further 4,87,828 equity shares each representing 1 percent stake for both promoters.

The floor price of the offer shall be Rs 1,100 per share and the sale shall take place over two trading days starting March 27.
At 0932 hours, Sheela Foam was quoting Rs 1,208.85, down 6.29 percent on the BSE.

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