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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.
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