Sumitomo Chemical India fell 3.48% to Rs 287.10 as the offer for sale (OFS) opened for non-retail investors today.
Through the OFS, the company's promoter propose to sell over 1.64 crore shares, constituting 3.30% paid-up share capital of the company.
The floor price for the OFS was set at Rs 270 per shares, a 9.23% discount to Sumitomo Chemical's closing price of Rs 297.45 on Tuesday, 29 September 2020.
The OFS opened on Wednesday (30 September 2020) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Thursday (1 October 2020).
At 09:55 IST, the OFS received subscription for 4.72 lakh shares or 3.18% against the base non-retail offer size of 1.48 crore shares.
Sumitomo Chemical India manufactures chemical products. The company offers agricultural chemical and crop protection products. It serves customers worldwide.
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The company's consolidated net profit surged 48.8% to Rs 79.40 crore on a 3.6% rise in net sales to Rs 647.70 crore in Q1 FY21 over Q1 FY20.
In the past six months, the stock has added 65.74% while the benchmark S&P BSE Sensex has 33.15% during the same period.
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