Dhunseri Petrochem Limited has entered into a share purchase agreement on 16 August 2018 with Engineering for the Petroleum & Process Industries ("ENPPI") for the purchase of its 7% stake in our joint venture company Egyptian Indian Polyester Company S.A.E ("EIPET") on or before 25 September 2018.
Prior to the execution of the share purchase agreement with ENPPI, the Company entered into a share purchase agreement dated 14 June 2018 with Indorama Ventures Public Company Limited ("IVL") and two of its subsidiary companies - Indorama Netherlands B.V. and Indorama Netherlands Cooperatief U.A. (together "Indorama"), to sell 50% of the Company's stake in EIPET to Indorama.
As per the terms of the share purchase agreement with Indorama, Indorama shall at all times be an equal shareholder with the Company in the ratio of 1:1. Pursuant to the above, the Company has agreed to sell 50% of the shares purchased by it from ENPPI to Indorama at par value.
Shares of Dhunseri Petrochem Limited was last trading in BSE at Rs.109.75 as compared to the previous close of Rs. 114.3. The total number of shares traded during the day was 11224 in over 164 trades.
The stock hit an intraday high of Rs. 116.55 and intraday low of 108.25. The net turnover during the day was Rs. 1236629.