Sumitomo Chemical's promoters to offload Rs 450-cr stake through OFS today

The promoters of Sumitomo Chemical Company will offload 3.3 per cent take (16.5 million shares) in the company on Wednesday through the offer for sale (OFS) route. 

The share sale is being done to comply with the 25-per cent minimum public shareholding norms. Currently, the promoter holding in the company is 78.3 per cent. The floor price for the OFS has been set at Rs  270 per share. Shares of Sumitomo ended at Rs 297.4 on Tuesday. 

The company is promoted by Japan-based Sumitomo group.