Shares of Vraj Iron & Steel will be in focus on Monday, July 7, as its shareholder lock-in period comes to an end.As many as 18 million shares of the company, or 55% of its outstanding equity, will become eligible to be traded as its one-year shareholder lock-in period ends on Monday, according to a note from Nuvama Alternative & Quantitative Research.
At the current market price, the number of shares that will become eligible to be traded amount to ₹313 crore.
It must be specified that the end of the shareholder lock-in period does not mean all the shares will be sold in the open market, but they only become eligible to be traded.Based on the March quarter shareholding pattern, promoters of Vraj Iron and Steel held 74.96% stake in the company, while the rest belonged to public shareholders.
At the current market price, the number of shares that will become eligible to be traded amount to ₹313 crore.
It must be specified that the end of the shareholder lock-in period does not mean all the shares will be sold in the open market, but they only become eligible to be traded.Based on the March quarter shareholding pattern, promoters of Vraj Iron and Steel held 74.96% stake in the company, while the rest belonged to public shareholders.
Mutual Funds of India do not have any holdings in the company, while Volrado Venture Partners Fund, whose name features under Alternate Investment Funds, has a 3.66% stake. Close to 40,000 retail shareholders, or those with an authorised share capital of up to ₹2 lakh, hold a 16% stake.
The BSE stock ticker for Vraj Iron and Steel also highlights that the average daily number of unique clients or PAN, who have traded in the stock, is less than 100, indicating only a select few clients are currently trading in the stock.
Shares of Vraj Iron and Steel ended 0.5% lower on Friday at ₹176. The stock is currently trading below its IPO price of ₹207 and has declined 22% so far this year.
