Velan Hotels Ltd complies with Minimum Public Shareholding regulation

Mr.E.V.Muthukumara Ramalingam, one of the Promoter of Velan Hotels Limited (the "Company"), pursuant to his letter dated 27th March 2024 has informed the Company that he has sold 16,44,791 equity shares of the Company having face value of ₹10 each (representing 5.15% of the total issued and paid-up equity share capital of the Company) on March 22, 2024 and March 26, 2024, undertaken in accordance with the circular bearing reference number SEBI/HO/MRD/MRD-PoD3/P/CIR/2023/10 dated January 10, 2023 regarding the "Comprehensive Framework on Offer for Sale (OFS) of Shares through Stock Exchange Mechanism" issued by the Securities and Exchange Board of India, through the separate designated window of BSE Limited.

With the aforementioned sale of shares, the shareholding of the Promoter and Promoter Group in the Company has reduced from 80.15% of the paid up equity share capital of the Company to 75.00% of the paid-up equity share capital of the Company.

Post this sale of shares, the Company has complied with the Minimum Public Shareholding (MPS) as prescribed under Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, and Regulation 38 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

Shares of VELAN HOTELS LTD. was last trading in BSE at Rs. 5.57 as compared to the previous close of Rs. 5.86. The total number of shares traded during the day was 765897 in over 157 trades.

The stock hit an intraday high of Rs. 5.90 and intraday low of 5.57. The net turnover during the day was Rs. 4266846.00.

Source : Equity Bulls

Keywords

VELANHOTELS INE548D01014 MinimumPublicShareholding Complied