Sumitomo Chemical slips as OFS begin

Sumitomo Chemical India fell 3.48% to Rs 287.10 as the offer for sale (OFS) opened for non-retail investors today.

Through the OFS, the company's promoter propose to sell over 1.64 crore shares, constituting 3.30% paid-up share capital of the company.

The floor price for the OFS was set at Rs 270 per shares, a 9.23% discount to Sumitomo Chemical's closing price of Rs 297.45 on Tuesday, 29 September 2020.

The OFS opened on Wednesday (30 September 2020) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Thursday (1 October 2020).

At 09:55 IST, the OFS received subscription for 4.72 lakh shares or 3.18% against the base non-retail offer size of 1.48 crore shares.

Sumitomo Chemical India manufactures chemical products. The company offers agricultural chemical and crop protection products. It serves customers worldwide.

The company's consolidated net profit surged 48.8% to Rs 79.40 crore on a 3.6% rise in net sales to Rs 647.70 crore in Q1 FY21 over Q1 FY20.

In the past six months, the stock has added 65.74% while the benchmark S&P BSE Sensex has 33.15% during the same period.

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