After a 56% drop in 2021, this year will be significant for Narayani Steels. Shares of the company have soared more than 580% in 2022.

Shares will be in greater focus today and tomorrow as promoter Aditya Agarwal proposes to sell 544,000 shares or 4.99% of his stake held through a tender offer. The floor price for the sale is fixed at Rs 75 per share.

Non-retail investors can bid on December 27 (T Day). Retail investors can only bid on T+1 day.

“Non-retail investors who bid on T-day and choose to roll over their bids to T+1 will be allowed to revise their bids on T+1,” the company said in an exchange filing.

Narayani Steels manufactures and sells TMT Bars, Rounds, Squares, Angles, Billets, etc. OTC trading is restricted due to IBC (Insolvency and Bankruptcy Code) proceedings.

In January, the Kolkata bench of National Company Law Tribunal (NCLT) judges approved a settlement plan submitted by Rishikunj Vincom Private Limited for corporate debtor Narayani Steels.