Shares of INEOS Styrolution India tanked 16 per cent to hit a 52-week low of Rs 907 on the BSE in Tuesday’s intra-day trade as the promoter today launched an offer for sale (OFS) to offload up to a 14.4 per cent stake in the company. The company fixed the offer price at Rs 800 per share.
At 10:51 am; the stock was down 15 per cent at Rs 918, as compared to 0.03 per cent decline in the S&P BSE Sensex. It had hit a 52-week high of Rs 1,887 on October 18, 2021.
The promoter INEOS Styrolution APAC Pte has proposed to sell 2.53 million equity shares or 14.4 per cent stake of the company through offer for sale. It has also kept an option open, to additionally sell 1.69 million equity shares or 9.6 per cent stake vis OFS.
The OFS will open on April 19, 2022 for non-retail investors only and on April 20, 2022 for retail investors and non-retail Investors who choose to carry forward their unallotted bids.
As on March 31, 2022, the promoter INEOS Styrolution APAC Pte held 75 per cent stake in the company. Individual shareholders held 16 per cent stake, followed by mutual funds (2.84 per cent) and foreign portfolio investors (2.04 per cent).
INEOS Styrolution India is the leader and number one producer of ABSOLAC (ABS) in India. ABS is a plastic resin produced from Acrylonitrile, Butadiene & Styrene, used for manufacturing of home appliances, automobiles, consumer durables and business machines. The company is also a leading manufacturer of ABSOLAN (SAN) which is a polymerized plastic resin produced from Styrene & Acrylonitrile, and mainly used for products such as lightings, stationeries, novelties, refrigerators and cosmetic packing.
For the first nine months ended December 2021 (9MFY22), the company had posted 87 per cent to Rs 223 crore from Rs 119 crore during the same period last fiscal. Revenue from operations grew 56 per cent to Rs 1,555 from Rs 995 crore in 9MFY21.
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