HCP Plastene Bulkpack Ltd shares hit a 5% lower circuit on 20 December after the company promoter planned to sell a 13.99% stake in the company via an offer for sale.

In its regulatory filing, the company said that one of the company promoters, Madhu Prakash Parekh, is planning to sell 14,93,873 equity shares of the company, representing a 13.99% stake, via an offer for sale (OFS), on 20 and 21 December.

The non-retail investor can participate in this OFS on 20 December, whereas retail investors can participate on 21 December. The floor price for the offer for sale has been set at Rs 200 per share.

As of 30 September, the company promoter holds an 88.99% stake in the company, DIIs (domestic institutional investors) hold 4.8%, and retail investors hold a 6.02% stake in the company.

The company is engaged in the business of manufacturing polypropylene/high-density polyester woven sacks and woven labels.

In its quarterly report for July-September, the company reported a 700% year-on-year increase in net profit to Rs 0.96 crore during the quarter from Rs 0.12 crore reported in the same quarter last year.

At 3:30 pm, the shares of HCP Plastene Bulkpack Ltd closed 5.00% lower at Rs 266 on BSE.