INEOS Styrolution plunges after promoter reject discovery price of Rs 1,100

INEOS Styrolution plunges after promoter reject discovery price of Rs 1,100

Amir Shaikh
/ Categories: Trending

INEOS Styrolution India informed the bourses on Friday that its promoter INEOS Styrolution APAC Pte. Ltd has decided to reject the discovered price of Rs 1,100 per equity share. The company has also decided not to make any counteroffer. Post this development, the stock locked in a lower circuit at Rs 700.45, down by 20 per cent from its previous close.

On August 16, 2019, the prompter had informed the company of their willingness to accept the equity shares of the company tendered in the delisting offer at a price of Rs 480. From that day to Thursday’s closing, the stock has delivered almost 125 per cent.

The promoter company was willing to acquire up to 43,96,407 equity shares, which represents nearly 25 per cent of the paid-up equity share capital of the company that is held by the public shareholders of the company. The remaining 75 per cent stays with the promoter as on June 2020 ended quarter. 

Voluntary delisting of the equity shares is carried out through a reverse book building. The floor price is calculated in accordance with the regulations and the shareholders have to make a bid at a price either on or above the floor price. The promoters are not allowed to participate in the reverse book building process. The exit price would be decided on the basis of bidding by the public shareholders and if they accept, then the promoter is liable to pay that price to the investors.

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