Hazel Infra's Strategic Stake Sale Amid Market Turbulence
Hazel Infra plans to sell a 5.01% stake in Swan Defence through an Offer for Sale. This move aims to meet public shareholding norms amid a volatile market. Investor road shows are underway, and the floor price will soon be determined. Swan Defence's stock saw a slight rise post-announcement.
- Country:
- India
In a strategic move, Hazel Infra, the promoter behind Swan Defence and Heavy Industries, is set to divest a 5.01% stake in the company via an Offer for Sale (OFS) next week, sources reported on Thursday.
This decision, occurring amid market fluctuations and challenges in the maritime sector due to Middle East tensions, aims to comply with minimum public shareholding norms, according to sources familiar with the development.
The process will involve investor road shows before finalizing the floor price. JM Financial has been appointed as the merchant banker for this transaction, which follows SEBI's guidelines.
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