Aether Industries saw its shares falling over 6 per cent in Tuesday’s trade, as the two-day offer for sale (OFS) by promoter Purnima Desai kicked off. As per BSE, out of the offer size of 80,81,255 shares, the issue was subscribed 5 per cent or 4,08,195 shares. The indicative price stood at Rs 702.53 apiece.
Promoter Purnima Desai is looking to sell 6.77 per cent stake for Rs 628.54 crore at a floor price of Rs 700, which was at 13.18 per cent discount to the stock’s Monday closing price of Rs 806.30 apiece.
On Tuesday, the stock fell 6.08 per cent to hit a low of Rs 757.25 apiece. With this, the stock is down 12 per cent in 2025 so far.
As of March 31, 2025, the promoter holding in the Surat-based company stood at 81.77 per cent. In accordance with regulatory requirements, Aether Industries was required to meet the minimum public shareholding threshold by May 31. Through the Offer for Sale (OFS), the company’s public shareholding is expected to reach the mandated 25 per cent.
The OFS will remain open for two trading days. On the first day (T+0), only non-retail investors are allowed to place bids. They may also choose to carry forward any un-allotted bids to the second day (T+1) for potential allocation from the unsubscribed portion reserved for retail investors.
For retail investors and non-retail investors, who choose to carry forward their un-allotted bids, the bid date is May 14.
During its earnings call on May 3, the company’s management stated that it was in discussions with its bankers regarding compliance with minimum public shareholding norms. They acknowledged that SEBI permits only specific mechanisms to meet these requirements and affirmed the company’s commitment to adhering to them.
HDFC Institutional Equities recently issued a ‘Buy’ rating on the stock with a target price of Rs 1,197. The brokerage noted that the company has commissioned Site 4 to fulfill a strategic supply agreement with Baker Hughes.
The commercial supply under this agreement is expected to begin in Q1FY26 and scale up over the following two years.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
