INEOS Styrolution tanks 20% as promoter rejects delisting discovery price

The promoter rejected the discovered price of Rs 1,100 for the proposed voluntarily delisting of shares

Shares of specialty chemicals company INEOS Styrolution India were locked in 20 per cent lower circuit at Rs 700 on the BSE on Friday after the company's promoter rejected the discovered price of Rs 1,100 for the proposed voluntarily delisting of shares. The promoter also decided not to make any counter offer, accordingly, the delisting offer is deemed to have failed in terms of the delisting regulations, the company said.

“The promoter, namely INEOS Styrolution APAC Pte. Ltd., has decided to reject the discovered price of Rs 1,100 per equity share, determined pursuant to the book building process, and