Styrolution ABS (India) hits 52-week low on parent stake sale plan

The company has received a letter from Styrolution (Jersey) containing the details of the intended compliance of the minimum public shareholding requirements of the Sebi.

Styrolution ABS (India) (formerly INEOS ABS) has dipped over 5% to Rs 535 after its holding company Styrolution (Jersey) announced its plan to reduce stake in the company from the current 87.33% to comply with the Securities and Exchange Board of India (Sebi) norms on minimum public share holding requirements.

“The company has received a letter from Styrolution (Jersey), our holding company containing the details of the intended compliance of the minimum public shareholding requirements of the Sebi,” Styrolution ABS (India) said in a regulatory filing.

According to the market regulator Sebi guidelines, the public shareholding in a company should be a minimum of 25% by June.

The stock opened at Rs 560 and hit a 52-week low of Rs 530 on NSE. A combined volume of 2,262 shares changed hands on the counter on BSE and NSE till 1403 hours.