Wendt (India) Ltd. has witnessed a major ownership shift as its foreign promoter, Wendt GmbH, has fully exited its shareholding in the company. The German entity sold 750,000 shares through an Offer for Sale (OFS), marking the termination of its joint venture with Carborundum Universal.
Key Highlights:
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Promoter Exit: Wendt GmbH has completely divested its stake, selling 750,000 shares via the OFS process.
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Stock Impact: Following the announcement, Wendt (India) shares plunged over 17%, hitting a 52-week low of ₹8,374.15.
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OFS Details: The floor price for the OFS was set at ₹6,500 per share, representing a 38% discount from the previous closing price.
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Market Reaction: The OFS saw strong institutional demand, with subscriptions reaching 435.90% of the base non-retail offer size.
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Joint Venture Termination: With Wendt GmbH’s exit, Carborundum Universal now holds full promoter control of Wendt India.
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Future Outlook: Analysts predict short-term volatility in Wendt India’s stock, but long-term stability as the company continues its abrasives and precision components business.
This exit marks a significant shift in Wendt India’s ownership structure, with Carborundum Universal now holding full promoter control.
Source: Samco, CNBC TV18, Mint