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Shares of Ineos Styrolutions India Limited crashed 20 per cent on Friday to hit the lower circuit at ₹700.45 on the BSE, as its promoter Ineos Styrolution APAC Pte. Ltd has decided to reject the discovered price of ₹1,100 share for delisting.
The promoter has also determined, pursuant to the book building process, not to make any counter offer to delist its Indian arm.
The delisting offer was open between July 17 and July 22.
Ineos Styrolution on July 7 had announced that both the premier exchanges have issued their in-principle approval for the proposed delisting offer of the company at ₹480 a share.
The UK-based promoter INEOS Styrolution APAC, who currently owns 75 per cent of stake in the Indian firm, had proposed to acquire up to 43.96 lakh shares, representing 25 per cent, from the public shareholders
On a standalone basis, Ineos Styrolution reported a standalone net profit of ₹4.45 crore for the March quarter as against a net loss of ₹13.60 crore posted in Q4 of March 2019. Net sales tumbled 25.5 per cent to ₹359 crore (₹482.12 crore). However, for FY19-20, it had posted a loss of ₹9.52 crore and revenues of ₹1.579 crore.
Ineos Styrolution is a leading global styrenics supplier with a focus on styrene monomer, polystyrene, ABS standard and styrenic specialties.
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