Sri Lotus Developers Promoter Launches 5.89% Stake Sale via OFS

Total Offer Size: 2,87,95,818 Equity Shares (5.89% of capital)
Floor Price: Rs 240 per share

Reader Takeaway: Promoter stake sale aims to hit SEBI public shareholding norms; floor price set at Rs 240.

What just happened

Promoter Anand Kamalnayan Pandit has initiated an Offer for Sale (OFS) of up to 5.89% of his stake in Sri Lotus Developers and Realty Ltd. The base offer consists of 2,37,95,818 shares, with an option to sell an additional 50,00,000 shares in case of oversubscription. The floor price for the transaction is fixed at Rs 240 per share.

Why this matters

The sale is a compliance-driven move to align the company with the minimum public shareholding (MPS) requirements stipulated by SEBI. By increasing public float, the company aims to adhere to regulatory mandates regarding promoter holding caps in listed entities.

The backstory

The promoter had previously offloaded a 2% stake (97,70,000 shares) in the open market on September 10, 2026, as part of its ongoing strategy to meet MPS norms. To facilitate this current OFS, the company successfully obtained a waiver from SEBI regarding the mandatory 12-week cooling-off period, allowing for this transaction to occur shortly after the previous sale.

Bidding Schedule and Allocation

The non-retail window opens on November 3, 2026. The retail window follows on November 4, 2026, which is also the day non-retail investors can carry forward any unallotted bids. A minimum of 25% of the offer is reserved for mutual funds and insurance companies, while 10% is set aside for retail investors. Retail participants have the flexibility to bid at the "cut-off price."

Risks to watch

The seller maintains the right to cancel or withdraw the OFS if the demand at or above the floor price is insufficient. Additionally, settlement will occur on a trade-for-trade basis, requiring 100% upfront margin for all participants.