GR Engineering's founding shareholders and key executives have sold $32.4 million worth of shares in the company, reducing their collective stake from 79.3 per cent to 67.3 per cent.
Company directors Barry Patterson, Joe Ricciardo and Tony Patrizi were among those who participated in the sell down of 18 million shares at $1.80 each.
Messrs Ricciardo and Patrizi each sold $5.35 million worth of shares, while Mr Patterson sold $2.7 million worth.
The company said the sell down enhances the liquidity in the market for its shares.
Mr Ricciardo said the company’s shares had traded strongly following its IPO at $1.00 in April 2011 and the partial sell down by company founders was in response to demand for further stock and liquidity from the institutional investment sector.
“This demand for our shares further reflects a strong endorsement of our business strategy as we continue to grow and expand our company,” Mr Ricciardo said.
The sell down was made primarily to institutional clients of Argonaut, which managed the sell down, Macquarie Securities and Bell Potter Securities.