(Reuters) – Italian stationery maker FILA has initiated the sale of up to 4.57% of shares in its Indian unit DOMS, it said on Wednesday.
The stake sale is being conducted through an accelerated bookbuilding (ABB) process starting on Wednesday, offering up to 2,773,407 ordinary shares in the Indian firm, FILA said.
“The placement is aimed at increasing the free float of the company, improving the liquidity of its shares and attracting new investors to the share capital,” FILA said in a statement.
The Italian company, which listed its unit in India last December, holds about 30.58% of DOMS’ share capital and is set to reduce its stake to no less than 26.01% following the completion of the placement that includes a 90-day lock-up period for the buyer.
FILA shares traded some 6% higher in Milan at 1210 GMT.
(Reporting by Romolo Tosiani; Editing by Keith Weir)
