Laxmi Organic spurts after Goldman Sachs India, Plutus Wealth buys stake via bulk deals

Laxmi Organic Industries jumped 13.9% to Rs 187.50 after Goldman Sachs India Fund and Plutus Wealth Management bought equity shares of the company via bulk deals on Thursday, 25 March 2021.

As per the bulk deal data on the NSE on Thursday, Goldman Sachs India Fund bought 16,75,383 shares (or 0.63% stake) of the company at an average price of Rs 155.71 per share.

On the same day, Plutus Wealth Management bought 15 lakh shares (or 0.56% stake) at an average price of Rs 155.50 per share.

Shares of Laxmi Organic were listed on Thursday (25 March 2021) at Rs 156.20, a premium of 20.15% to the IPO price. The IPO of Laxmi Organic Industries was subscribed 106.79 times. The issue opened for bidding on 15 March 2021 and closed on 17 March 2021. The price band for the IPO was set at Rs 129-130 per share.

Laxmi Organic Industries is a speciality chemical manufacturer, focused on two key business segments: acetyl intermediates and speciality intermediates.

On a consolidated basis, the company reported a net profit of Rs 45.48 crore and revenue of Rs 813.41 crore in the six months ended on 30 September 2020.

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