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IT stock hits 10% upper circuit after company’s promoter to sell 6.5% stake via OFS

Major IT company’s promoter plans an Offer for Sale (OFS) of 2 crore shares, adhering to SEBI guidelines, via NSE and BSE for compliance and transparency.
IT Stock Surges 10% as Promoter Announces 6.5% Stake Sale via OFS

Introduction:

Promoter of a leading IT company has announced an Offer for Sale (OFS) of 2 crore equity shares, representing 6.57% of its shareholding. The OFS will follow SEBI regulations and utilize the stock exchange mechanism.

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Share price movement of Bartronics India:

On December 18, 2024, Bartronics India Ltd opened at ₹19.39, up 2.7% from its previous close of ₹18.88. The stock hit a high of ₹20.70 (9.63%) and a low of ₹19.15. By 9:54 AM, it traded at ₹20.43, an 8.21% increase, with a market cap of ₹606.11 crore.

Bartronics India Announces OFS of 2 Cr Equity Shares:

Kinex India Private Limited, the promoter of Bartronics India Limited, has announced the Offer for Sale (OFS) of 2 crore equity shares, representing 6.57% of the company’s shareholding. The shares have a face value of ₹1 each.

The OFS will be conducted on December 18, 2024, for non-retail investors, while December 19, 2024, will cater to retail investors and non-retail investors carrying forward unallotted bids. The sale will utilize the stock exchange mechanism on NSE and BSE.

This initiative aligns with SEBI regulations and compliance requirements under Regulation 38. The OFS framework follows guidelines issued by SEBI, BSE, and NSE. Bartronics India Limited has disclosed the notice, including NCLT rulings, for transparency and record.

Stock performance of Bartronics India for Period of 1 week, 6 months and 1 year:

Bartronics India Ltd delivered mixed returns, with a 3.02% decline over the past week. However, the stock gained 4.53% over six months and maintained the same 4.53% return over the one-year period, indicating steady performance.

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Also Read: IT stock jumps 9% after it receives order worth ₹56 Cr for modernization project in West Bengal

Shareholding pattern of Bartronics India:

All values in %Sep 2024Jun 2024Mar 2024
Promoter85.60%90%90%
FII0.00%0.00%0%
DII0.20%0.20%0.20%
Public14.20%10.00%9.80%

About Bartronics India:

Bartronics India Ltd (NSE: ASMS), established in 1990, is a pioneer in Automatic Identification and Data Collection (AIDC) solutions, specializing in barcoding, biometrics, RFID, POS, and smart card technologies, driving innovation across decades.

Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.

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