Small-Cap Styrenics Stock Plunges 19.4% on Promoter Shedding Stake Via OFS

By Malvika Gurung

Investing.com — Shares of the styrenics provider INEOS Styrolution India (NS:) tanked 19.34% to 866.3 apiece at 2:45 pm, after recording a recent 52-week low of Rs 868 apiece on Tuesday.

The styrenics supplier’s inventory plunged after its provide on the market (OFS) started for non-retail buyers on Tuesday.

The corporate’s promoter INEOS Styrolution APAC Pte has proposed promoting a 14.4% stake or 25.32 lakh fairness shares of the corporate via the OFS.

In accordance with INEOS Styrolution’s submitting, the promoter firm has additionally saved an choice open to promote a further 9.6% stake or 16.88 lakh shares held within the firm via the OFS, in case of oversubscription.

The ground worth for the provide is about at Rs 800/share, which is at a reduction of 25.79% to INEOS Styrolution India’s earlier closing worth.

The provide has opened on Apr 19, 2022, for non-retail buyers and can open on Apr 20 for non-retail Traders too, and those who want to carry ahead their unallotted bids.

As of March 31, 2022, promoter firm Ineos Styrolution APAC holds a 75% stake within the firm.