INEOS Styrosolution plunges 15%; promoter plans to offload 14% stake via OFS
INOS Styrosolution India’s share price plunged to a low of Rs 907 as against the previous close of Rs 1,078 on the BSE.
By Bhaskar Dutta, ETMarkets.com |
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NEW DELHI: Shares of INEOS Styrosolution India plummeted 15.9 per cent in early trade Tuesday on news that the firm’s promoter INEOS Styrosolution APAC has proposed to sell 25,32,330 equity shares or 14.4 per cent stake of the company via offer for sale (OFS) issue.
The promoter firm has also kept an option to additionally sell 16,88,220 equity shares (9.6 per cent stake) through the OFS, which will be open for two days - April 19-20.
INOS Styrosolution India’s share price plunged to a low of Rs 907 as against the previous close of Rs 1,078 on the BSE.
INEOS Styrolution, which is a leading global supplier of styrenics including styrene monomer, polystyrene, ABS standard and styrenic specialties, reported a 53.96 per cent decline in profit after tax to Rs 47.42 crore in the third quarter of the previous financial year.
The firm had reported a net profit of Rs 103 crore during the same period a year ago.
The company’s sales registered a rise of 5.59 per cent to Rs 511.91 crore in the third quarter of the previous financial year as against Rs 484.83 crore in October-December 2020.
Last month, the company had notified exchanges that a fire had broken out in one of the sections at a plant located at Nandeswari in Gujarat.
Subsequently, the company had said that all operations had been discontinued at the Nandesari plant, till further assessment of the cause and implementation of corrective plans. The company's other manufacturing facilities are located at Moxi, Katol and Dahej in Gujarat.
The promoter firm has also kept an option to additionally sell 16,88,220 equity shares (9.6 per cent stake) through the OFS, which will be open for two days - April 19-20.
INOS Styrosolution India’s share price plunged to a low of Rs 907 as against the previous close of Rs 1,078 on the BSE.
INEOS Styrolution, which is a leading global supplier of styrenics including styrene monomer, polystyrene, ABS standard and styrenic specialties, reported a 53.96 per cent decline in profit after tax to Rs 47.42 crore in the third quarter of the previous financial year.
The firm had reported a net profit of Rs 103 crore during the same period a year ago.
The company’s sales registered a rise of 5.59 per cent to Rs 511.91 crore in the third quarter of the previous financial year as against Rs 484.83 crore in October-December 2020.
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Last month, the company had notified exchanges that a fire had broken out in one of the sections at a plant located at Nandeswari in Gujarat.
Subsequently, the company had said that all operations had been discontinued at the Nandesari plant, till further assessment of the cause and implementation of corrective plans. The company's other manufacturing facilities are located at Moxi, Katol and Dahej in Gujarat.
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