INEOS Styrolution slumps after promoter rejects delisting discovery price

INEOS Styrolution India hit a lower circuit of 20% at Rs 700.45 after the company's promoter INEOS Styrolution APAC has rejected the discovered price of Rs 1,100 share for delisting.

The promoter has also determined, pursuant to the book building process, not to make any counter offer to delist its Indian arm.

The UK-based promoter INEOS Styrolution APAC, who currently owns 75% of stake in the Indian firm, had proposed to acquire up to 43.96 lakh shares, representing 25%, from the public shareholders. The delisting offer was open between 16 and 22 July 2020.

On 7 July, INEOS Styrolution announced that BSE and National Stock Exchange of India issued their in-principle approval for the proposed delisting offer of the company at Rs 480 a share.

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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