3M India OFS opens, stock down on lower floor price

3M India fell more than 2.5 percent intraday on Thursday after the company set lower floor price for offer for sale (OFS) compared to previous day's closing price.

Promoter 3M Company, which holds 76 percent stake in the company as of December 2012, set floor price at Rs 3,300 per share, a discount 4.7 percent compared to Wednesday's closing price of Rs 3,462.75.

The OFS started at 9:15 am today and will remain open till 3:30 pm. Promoter will offload 1 percent equity in Indian arm via OFS.

At 10:28 hours IST, shares declined 1 percent to Rs 3,429 on Bombay Stock Exchange.

The share touched its 52-week high Rs 4,529.00 and 52-week low Rs 3,200.00 on 16 April, 2012 and 06 August, 2012, respectively. 

Currently, it is trading 24.29% below its 52-week high and 7.16% above its 52-week low.