MC EXCLUSIVE Promoters of Clean Science and Technology eye minority stake sale; launch block deal worth up to $302 mn

Representative image (Courtesy: X | @cleanscienceInd)

A clutch of promoter group entities of speciality chemicals firm Clean Science and Technology Limited are eyeing the sale of a minority stake and have launched a block deal worth up to $302 mn at the offer floor price, according to a deal term sheet reviewed by Moneycontrol.

The sellers of the promoter group, namely Ashok Ramnarayan Boob and family and Krishnakumar Ramnarayan Boob and family are looking to dilute up to 24 per cent stake as part of the proposed trade, at a floor price of Rs 1,030 /share , a 12.8 per cent discount to the last closing price.

As per the deal terms, there is a lock up of 3 years with carve-outs for inter-se transfers between promoters and promoters group, sale resulting in change of control or sale pursuant to any court approved scheme, the deal term sheet said.

Spark Institutional Equities (a subsidiary of Avendus Capital) and JP Morgan are the joint brokers for the proposed transaction.

Clean Science and Technology and the joint brokers were unavailable for an immediate comment. This article will be updated as soon as we hear from the company.

Significantly, the promoters of Clean Sciences currently have a 74.9 stake in the company and during the firm's earnings call in July, had highlighted that they would evaluate the possibility of selling a minority stake to support the family estate planning / management.