INEOS hits a new low

INEOS Styrolution, opened over 10.5% lower at Rs.963 and went down further to hit a new 52-week low at Rs.907, down almost 16% and continues to trade closer to the low levels.

The stock tumbled down after the promoter today launched an offer for sale (OFS) to offload up to a 14.4% stake in the company.

The offer price has been fixed at Rs 800 per share.

The company has also retained an option to additionally sell 9.6% stake via OFS in the case of oversubscription. The OFS opened today for non-retail investors only and tomorrow for retail investors and non-retail Investors who choose to carry forward their unallotted bids.

At the end of FY22, the parent company and promoter, INEOS Styrolution APAC Pte held 75% in the company.