GE Vernova T&D India's shares have dropped by 5 percent to Rs 1,823.50 on the NSE after its promoter, Grid Equipments Private Ltd, announced plans to divest up to 8.38 percent of its paid-up equity share capital.
The stock price decline is a result of this announcement. The promoter has set a floor price of Rs 1,550 per share for the offer for sale (OFS), which includes a base offer of 1.4 crore equity shares, representing 5.47 percent of the company's equity. There is also an option to oversubscribe up to 74.51 lakh shares, equivalent to 2.91 percent of the equity.
GE Vernova T&D India is a prominent player in the power transmission and distribution solutions sector.