Shares of INEOS Styrolution India were locked at 20 percent upper circuit for the second day in a row on August 20 after delisting buzz.
The stock was quoting at Rs 559.25, up Rs 93.20, or 20.00 percent and there were pending buy orders of 28,456 shares, with no sellers available on the BSE at 1419 hours IST.
"The Board of Directors of the company has appointed ICICI Securities Limited, a merchant banker to carry out due diligence for delisting," the styrenics supplier said in its BSE filing.
INEOS further said the company, on August 16, received a letter from its promoter INEOS Styrolution APAC Pte. Ltd, expressing their intention to acquire its 43,96,407 shares (representing 25 percent of total paid-up equity) held by public shareholders.
And consequently voluntarily delist the equity shares of the company from the stock exchanges where they are listed, namely BSE Limited and National Stock Exchange of India in accordance with the Delisting Regulations, it added.
INEOS Styrolution is the global styrenics supplier with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties.
In the quarter ended June 2019, it reported a 45 percent year-on-year decline in profit at Rs 9.28 crore and 25 percent fall in revenue to Rs 443.47 crore compared to year-ago.
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