Clean Science shares dive 9% as promoters likely offload 20% equity stake via block deal

Shares of Clean Science and Technology plummeted 8.9% to their intraday low of Rs 1,075.20 on the BSE on Thursday after promoters Ashok Boob and Krishnakumar Boob reportedly sold off a 20% equity stake in the company, or 2.08 crore shares, through a block deal.

However, the exact details of the transaction are not currently known.

According to previous reports, the promoters had a plan to offload a 24% stake in the company through a block deal estimated at Rs 2,626.50 crore.

The promoters and related entities were expected to sell a combined 2.55 crore shares in the transaction. The deal was expected to be executed on the exchanges at a floor price of Rs 1,030 per share, representing a 12.8% discount to Wednesday’s closing price of Rs 1,180.80.

JPMorgan India will act as the broker for the transaction.

As of June 30, the promoter group held a 74.97% stake in Clean Science. Following the proposed sale, their holding is expected to reduce significantly, although the exact post-transaction shareholding has not been disclosed.

Clean Science share price history

Over the past year, Clean Science & Technology shares have declined 24.46%, while year-to-date (YTD) performance shows a drop of 23.36%. In the last six months, the stock has fallen 9.52%, over the past three months it has slipped 6.75%, and in the last one month alone, it has dropped 10.53%.

About Clean Science & Technology

Incorporated in 2003, Clean Science and Technology is one of the leading chemical manufacturers globally. The company produces functionally critical specialty chemicals, including Performance Chemicals (MEHQ, BHA, AP), Pharmaceutical Intermediates (Guaiacol, DCC), and FMCG Chemicals (4-MAP, Anisole).

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