Shares of G R Infraprojects Ltd fell 6.2% in Thursday’s trade after the company announced that promoters would sell 65 lakh shares or 6.8% through a stake sale.

The company’s promoters are Laxmi Devi Agarwal, Suman Agarwal, Ritu Agarwal, Lalita Agarwal, Sangeeta Agarwal, Kiran Agarwal, and Manish Gupta will sell a total of 65 lakh shares or 6.8% through a share sale, the company said in a statement.

The shares will be sold at a floor price of Rs 1,260 per share, which is an 8.24% discount on the current market price (CMP). Currently, the promoters hold 86.54% of the company’s shares. The Offer For Sale (OFS) will be open to institutional investors on September 15 and retail investors on September 16. Shares of G R Infra are trading 4.7% lower at Rs 1,310 on the BSE at the time of writing.

OFS aims to achieve a minimum public float of a company. Axis Capital, ICICI Securities, Investec Capital Services and SBICAP Securities advised the sale of shares in GR Infraprojects Ltd.