Neogen Chemicals promoter divests 5.6% stake.
Haridas Kanani, promoter of Neogen Chemicals, sold a 5.67% stake, retaining majority ownership. The stake was bought by SBI Mutual Fund and White Oak Group.
Neogen Chemicals promoter Haridas Kanani has sold a 5.67% stake in the company. Despite this sale, Kanani still retains majority ownership, according to a company filing on June 29. The stake was purchased by long-standing institutional investors such as SBI Mutual Fund and White Oak Group.
The proceeds from this transaction will be used by Kanani for his and his family's long-term financial plans and goals, the company stated.
Kotak Institutional, a domestic brokerage firm, has set a price target of ₹1,840 per share for Neogen Chemicals. In a recent note, Kotak highlighted Neogen as a promising growth story in India's specialty chemicals industry, credited to its esteemed promoters, including former PI executive director Anurag Surana.
The note also mentioned that Neogen's rapid growth is fueled by innovation and enterprise, along with partnerships with Mitsubishi and other global customers. Neogen is on track to become a leader in the battery chemicals segment in India, bolstered by its recent technology partnership with MUIS (Japan).
The company aims to secure more than 30% of the battery electrolytes market in India by 2030, presenting a significant opportunity. Additionally, Neogen continues to invest in new product development within its base business and is seeing traction in its CSM business.
Shares of Neogen Chemicals closed at ₹1,592.85 on Friday, down 4.76%. The stock has increased by 8% so far this year.
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