Lanxess promoters to sell stake to INEOS

Lanxess ABS, a company specialising into petrochemicals has entered into an agreement, on June 28, with its promoters, Rakesh Agrawal, Uma Agrawal, Vishal Agrawal, Rahul Agrawal, Geetganga Investments and Tash Investments to sell their shares in the company to INEOS ABS (Jersey), controlled by the British chemical group INEOS.

According to a release issued by Lanxess to the BSE today, the parties expect the transaction to be completed by the end of September 2007.

The finanical details were not disclosed in the release.

The stock was up 2% at Rs 196 on volumes of around 1.15 lakh shares at 1100 hrs. The stock soared to a high of Rs 209 in early trades.