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The promoter has also determined, pursuant to the book building process, not to make any counter offer to delist its Indian arm.
The UK-based promoter INEOS Styrolution APAC, who currently owns 75% of stake in the Indian firm, had proposed to acquire up to 43.96 lakh shares, representing 25%, from the public shareholders. The delisting offer was open between 16 and 22 July 2020.
On 7 July, INEOS Styrolution announced that BSE and National Stock Exchange of India issued their in-principle approval for the proposed delisting offer of the company at Rs 480 a share.
On a standalone basis, INEOS Styrolution reported a standalone net profit of Rs 4.45 crore in Q4 March 2020 as against a net loss of Rs 13.60 crore posted in Q4 March 2019. Net sales tumbled 25.5% to Rs 359 crore in Q4 March 2020 over Q4 March 2019.
INEOS Styrolution is the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS standard and styrenic specialties.
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