Shares of INEOS Styrolution were down 1.21% at Rs 834.70 on BSE, extending losses for the third day.
The INEOS Styrolution India stock has declined 2.79% in three sessions from its closing high of Rs 858.65 on 7 July 2020.INEOS Styrolution India on 7 July 2020 announced that BSE and National Stock Exchange of India have issued their in-principle approval for the proposed delisting offer of the company. The UK-based promoter INEOS Styrolution APAC currently owns 75% of stake in the Indian firm.
Following the approval by the exchanges, the company's promoter issued a public announcement in newspapers on 7 July 2020 with regard to the delisting offer. The promoter proposes to acquire upto 43,96,407 equity shares, representing 25% of the paid-up equity share capital of INEOS Styrolution India held by the public shareholders. The promoter has offered to acquire shares at Rs 480 each (indicative offer price). Investors can tender their shares for delisting between 16 and 22 July 2020.
If the offer is successful, equity shares INEOS Styrolution India shall be voluntarily delisted from the Indian stock exchanges.
On a standalone basis, INEOS Styrolution reported a standalone net profit of Rs 4.45 crore in Q4 March 2020 as against a net loss of Rs 13.60 crore posted in Q4 March 2019. Net sales tumbled 25.5% to Rs 359 crore in Q4 March 2020 over Q4 March 2019.
INEOS Styrolution is the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS standard and styrenic specialties.
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