EQUIPPP launches OFS, promoter to sell 7% stake at floor price of Rs 26.4 per share to meet MPS

Hyderabad: EQUIPPP Social Impact Technologies Ltd has launched an offer for sale (OFS) that will allow its promoter group to offload 92.78 lakh shares at a floor price of Rs 26.4 a piece, as per a regulatory filing made on 18th, October, 2023.

CIL Securities will act as the brokers for this offer. The OFS will be executed over two days, with the offer being opened up for non-retail investors on Friday i.e. 20th, October, 2023 and for the retail investors on Monday, 23rd October 2023.

The base size of the offer will be “92,78,571 equity shares”, which represents 9 percent of the total paid-up equity share capital, the exchange filing noted.

The seller may also offload an additional 20.61 lakh shares, representing two percent of the overall stake, EQUIPPP Social Impact Technologies Ltd informed the bourses.

If the oversubscription option is exercised, the company will end up collectively offloading 1.13 crore shares, which represent 9 percent of the paid-up share capital.

The promoter group withdrew the earlier September 1, 2023’s Offer for Sale due to concerns from prospective investors about the weekly trading status of the scrip. It has now been reviewed by NSE and returned to the regular trading window.

“Overcoming MPS compliance challenges has been a significant barrier to unlocking the company’s true potential. However, recent strategic partnerships and team expansions have provided the crucial momentum needed. We are fully committed to driving EQUIPPP’s growth and navigating the MPS compliance hurdle successfully through this OFS” stated the representative of the promoter group.

At present, the promoter and promoter groups collectively hold around 97 percent in EQUIPPP Social Impact Technologies Ltd.

 O