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INEOS Styrolution tumbles 14% to 52-week low on promoter proposal to sell stake

INEOS Styrolution APAC Pte Ltd, which plans to sell a 14.4 percent stake, has kept the option open to sell another 9.6 percent stake through an OFS on April 19 and 20

April 19, 2022 / 10:14 AM IST
 
 
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INEOS Styrolution India share price was down more than 14 percent in the morning session on April 19 after promoter INEOS Styrolution APAC Pte Ltd proposed to sell a 14.4 percent stake through an offer for sale (OFS).

It has also kept an option open to additionally sell a 9.6 percent stake through OFS. The OFS will open on April 19 and 20, the company told the exchanges.

At 9.57 am, the stock was trading at Rs 930.20, down Rs 147.80, or 13.71 percent on NSE. It touched a 52-week low of Rs 907.

It was trading with volumes of 26,576 shares, compared to its five-day average of 2,645, an increase of 904.84 percent.

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The offer for sale includes base offer size of 25,32,330 shares and additional option to sell up to 16,88,220 shares (oversubscription option). Total shares (base size + green shoe) is 42,20,550, the company said.

The seller shall intimate the stock exchanges of its intention to exercise the oversubscription after trading hours on April 19, 2022.
Moneycontrol News
first published: Apr 19, 2022 10:14 am