Veedol Corporation Ltd., formerly known as Tide Water Oil Company, has informed the exchanges that the proposed Offer For Sale (OFS) by its promoter Andrew Yule & Company Ltd., is withdrawn until further notice.
In the early hours of Friday, May 23, Veedol Corporation cited 'unavoidable circumstances' behind the withdrawal of the OFS.
"The Offer for Sale of shares dated May 22, 2025, stands withdrawn till further notice as the shares could not be transferred to NSE Clearing Corporation Ltd., due to some technical glitches," Veedol said in a statement.
On Thursday, Andrew Yule had announced that it planned on selling 2% equity in Veedol Corporation, or 3.48 lakh equity shares through the OFS mechanism.
The OFS was supposed to open for non-retail investors on May 23 and for retail investors on Monday, May 26. Floor price of the OFS was fixed at ₹1,566 per share.
The exchange filing on Thursday stated that the transaction must be completed on or before May 29, 2025, failing which, a fresh application would have to be made for the transaction to take place.
At the end of the March quarter, Andrew Yule & Company, classified as one of the promoters of Veedol Corporation, had a 26.23% stake in the company, which at Thursday's closing price, is valued at over ₹770 crore.
The other two promoters of Veedol Corporation, Standard Greases and Specialities Pvt. Ltd. and Janus Consolidated Finance Pvt. Ltd., held a 36.36% and 1.69% stake in the company respectively as of March 31, 2025.
Shares of Veedol Corporation have risen 10% in the last one month, thereby reversing all of its losses for 2025 and turning positive year-to-date. The stock ended 0.8% lower on Thursday at ₹1,690.9.
In the early hours of Friday, May 23, Veedol Corporation cited 'unavoidable circumstances' behind the withdrawal of the OFS.
"The Offer for Sale of shares dated May 22, 2025, stands withdrawn till further notice as the shares could not be transferred to NSE Clearing Corporation Ltd., due to some technical glitches," Veedol said in a statement.
On Thursday, Andrew Yule had announced that it planned on selling 2% equity in Veedol Corporation, or 3.48 lakh equity shares through the OFS mechanism.
The OFS was supposed to open for non-retail investors on May 23 and for retail investors on Monday, May 26. Floor price of the OFS was fixed at ₹1,566 per share.
The exchange filing on Thursday stated that the transaction must be completed on or before May 29, 2025, failing which, a fresh application would have to be made for the transaction to take place.
At the end of the March quarter, Andrew Yule & Company, classified as one of the promoters of Veedol Corporation, had a 26.23% stake in the company, which at Thursday's closing price, is valued at over ₹770 crore.
The other two promoters of Veedol Corporation, Standard Greases and Specialities Pvt. Ltd. and Janus Consolidated Finance Pvt. Ltd., held a 36.36% and 1.69% stake in the company respectively as of March 31, 2025.
Shares of Veedol Corporation have risen 10% in the last one month, thereby reversing all of its losses for 2025 and turning positive year-to-date. The stock ended 0.8% lower on Thursday at ₹1,690.9.
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