Clean Science shares nosedive 9% after promoters move to offload 24% stake

Shares of Clean Science and Technology dropped as much as 9% in opening trade on Thursday, driven by heavy volumes amid reports that its promoters are looking to divest a significant portion of their holding. According to reports, promoters Ashok Boob and Krishna Boob are likely to sell up to 24% in the specialty chemicals maker through block deals.

The share sale, valued at around ₹2,626 crore ($302 million), has a floor price of ₹1,030 per share, a discount of 12.8% to the company’s last closing price.

As per deal terms, the shares will be subject to a three-year lock-in, with certain carve-outs allowed for inter-se promoter transfers, a change of control, or court-approved schemes.

Spark Institutional Equities, part of Avendus Capital, and JP Morgan are reportedly acting as joint brokers for the transaction.

Weighed down by strong volumes, Clean Science shares plummeted 8.97% to ₹1,075.20 on the BSE, while its market capitalisation slipped by ₹790 crore to ₹11,765 crore. The counter witnessed heavy trading, with 6.3 crore shares changing hands compared to a two-week average of 8,728 shares.

The stock had touched its 52-week high of ₹1,643.35 on October 30, 2024, and a 52-week low of ₹1,062.05 on April 7, 2025. The specialty chemical stock has lost 29% in a year, 15% in six months, and nearly 13% in the past month.

Currently, the promoters hold a 74.9% stake in the company, while foreign institutional investors and domestic counterparts own 6.2% and 5.9% stakes, respectively. Public shareholders account for 12.9% as of the June quarter.

During its July earnings call, management had indicated plans to consider a minority stake sale to streamline family estate planning and management.

For the June quarter of FY26, Clean Science reported consolidated revenue of ₹243 crore, up 8% year-on-year (YoY). Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) grew 5% YoY to ₹100 crore, while consolidated profit after tax rose 6% to ₹70 crore.

During the quarter, the company successfully commissioned the entire phase-1 capacity for Hindered Amine Light Stabilizers (HALS), with sales volumes gaining momentum through a broader product mix across multiple HALS grades and an expanded distribution network. HALS sales volumes jumped 3.3x year-on-year, surpassing 1,900 tons in FY2025, the company said in its Q1 earnings report.

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