21 Aug , 2025 By : Debdeep Gupta
Shares of chemical player Clean Science and Technology Limited sank over 7 percent in trade on Thursday, August 21, as the promoters likely to offloaded a 20 percent stake in the firm, according to reports.
At 9.25 a.m., shares of the firm were quoting Rs 1,094.1, lower by 7.3 percent on the NSE.
The sellers of the promoter group, namely Ashok Ramnarayan Boob and family and Krishnakumar Ramnarayan Boob and family are looking to dilute up to 24 percent stake as part of the proposed trade.
Reports suggested the sale was likely to raise Rs 2,626 crore or $302 million dollars, with the floor price at Rs 1,030 apiece. This would mark a 13 percent discount to the previous session's closing price.
As per the deal terms, there is a lock up of 3 years with carve-outs for inter-se transfers between promoters and promoters group, sale resulting in change of control or sale pursuant to any court approved scheme, the deal term sheet said.
Spark Institutional Equities (a subsidiary of Avendus Capital) and JP Morgan are the joint brokers for the proposed transaction.
The promoters of Clean Science and Technology currently have a 74.9 stake in the company and during the firm's earnings call in July, had highlighted that they would evaluate the possibility of selling a minority stake to support the family estate planning / management.
FIIs and DIIs hold 6.2 percent and 5.9 percent in the firm, respectively, while the public shareholding in the company is 12.9 percent, as per the June quarter data.
In the June quarter, Clean Science posted revenue of Rs 240 crore, reflecting an 8 percent increase compared to the same period last year. The company also recorded a 5 percent year-on-year growth in Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA).
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