Wendt India will hold a meeting of the Board of Directors of the Company on 22 January 2021.

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Through the OFS, the company's promoter Carborundum Universal and Wendt GmbH propose to sell 94,704 shares, constituting 4.74% paid-up share capital of the company.

As per Sebi norms, the promoters need to bring down their stake to 75%. As per the latest shareholding pattern, Carborundum Universal and Wendt GmbH, both held 39.87% stake each in the company as on 30 September 2020.

The floor price for the OFS has been set at Rs 2200 per share, at a 29.14% discount to Wendt's closing price of Rs 3,104.7 on Wednesday, 6 January 2021.

The OFS opened on Thursday (7 January 2021) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Friday (8 January 2021).

A total of 10% of the offer size, aggregating to 9,471 shares, has been reserved for retail investors.

As on 11:35 IST, the OFS received subscription for 10,573 shares or 12.40% against the base non-retail offer size of 85,233 shares.

Wendt India in the business of super abrasives, machine tools and precision components. The company's consolidated net profit declined by 44.3% to Rs 2.79 crore on a 23.3% fall in net sales to Rs 32.46 crore in Q2 FY21 over Q2 FY20.

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In a BSE filing made before market hours today, the Murugappa Group company said that due to delay in transfer of the sale shares as required under the SEBI OFS circulars, it has decided to withdraw the OFS.

On Monday (21 December 2020), Carborundum Universal and Wendt GmBH proposed to sell upto 94,704 equity shares, or 4.74% stake of Wendt (India) via an OFS on 22nd and 23rd of December 2020. The floor price for the OFS was set at Rs 2,200 per share, at a discount of 29.83% to Wendt's closing price of Rs 3135.20 apiece.

Shares of Wendt (India) have lost 11.61% in two sessions from its recent closing high of Rs 3,333 on 18 December 2020.

Wendt India in the business of super abrasives, machine tools and precision components. The company's consolidated net profit declined by 44.3% to Rs 2.79 crore on a 23.3% fall in net sales to Rs 32.46 crore in Q2 FY21 over Q2 FY20.

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Net profit of Wendt India declined 44.31% to Rs 2.79 crore in the quarter ended September 2020 as against Rs 5.01 crore during the previous quarter ended September 2019. Sales declined 23.33% to Rs 32.46 crore in the quarter ended September 2020 as against Rs 42.34 crore during the previous quarter ended September 2019.

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