Neogen Chemicals announced that Haridas Kanani, Chairman and Managing Director of the Company hastoday divested ~5.67% of his equity from the Company. Even after the stake sale, the promoters continue to retain majority ownership in Neogen Chemicals.
The stake was acquired by existing long-standing institutional investors, SBI Mutual Fund and White Oak Group, reaffirming their faith in the Company's long-term prospects. The proceeds from this transaction will be utilized by the promoter who is now approaching 80 years for taking care of his and his family's long term financial plans and goals.
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