Stocks

Offer-for-sale in Sumitomo India

?OUR BUREAU Chennai | Updated on June 25, 2020 Published on June 25, 2020

Sumitomo Chemical Company, promoter of Sumitomo Chemical India proposes to sell up to 49.91 lakh shares, representing approximately one per cent of the total paid-up equity share capital of the company on Friday (for institutional investors) and on Monday (for retail investors) through offer-for-sale mechanism. The OFS has an option to additionally sell up to 49.91 lakh shares in case of oversubscription.

The floor price for the sale has been fixed as ₹265. Currently, Sumitomo Chemical holds 80.3 per cent stake in Sumitomo India, which closed at ₹309.5 on the BSE.

Sumitomo India is the demerged entity from Excel Crop Care and sold to Sumitomo Chemical.

Published on June 25, 2020
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