INEOS Styrolution nosedives to 52-week low as promoters propose to sell stake

19 Apr 2022 , 02:56 PM

INEOS Styrolution India’s counter tossed off to its 52-week low, losing over 20% so far in today’s trade as promoters of NEOS Styrolution APAC Pte Ltd proposed to sell a 14.4% stake through an offer for sale (OFS).

The company also kept an option open to additionally sell a 9.6% stake through OFS which will open on April 19 and 20, stated the company in its filing with the exchanges.

The stock was trading at Rs867.90, down by Rs210.10 or 19.49% against its previous close of Rs1,078 on BSE.

The offer for sale by the company is for a base offer size of 25,32,330 shares and an additional option to sell off upto 16,88,220 shares. Therefore, the total shares under offer for sale are 42,20,550, said the company.