TTML floor price fixed at Rs 7.60 per share

Tata Teleservices (Maharashtra) Ltd (TTML) said on Wednesday that its promoters' offer for sale of 3.50 crore shares will have a floor price of Rs 7.60 apiece.

This is at a 5 per cent discount to TTML's closing of Rs 8.01 per share on the BSE on May 29.

Tata Sons Limited, one of the promoters, will be divesting 1.84 per cent stake in the company through offer for sale on May 30 to meet the minimum public shareholding norms.

The Securities and Exchange Board of India (Sebi) norms require all listed private sector companies to have at least 25 per cent public shareholding by June.

Based on the floor price, the promoters are expected to garner Rs 26.60 crore from the sale of shares.

"Tata Sons Limited proposes to sell an aggregate not exceeding 35,000,000 equity shares of Rs 10 each of TTML, representing approximately 1.84 per cent of the paid up equity share capital of the company...on May 30, 2013," the company said in a filing to the BSE.

"...the floor price for the sale in terms of the SEBI OFS circulars shall be Rs 7.60 per equity share of TTML," the filing added.

Market regulator Sebi recently relaxed norms for TTML's offer for sale (OFS) by promoters.

As per the BSE, promoters currently hold 77.72 per cent stake in the company while 22.28 per cent is held by public.