BSE/NSE approve Sanstar's preferential issue of 1.8 Cr shares to Corn Products at Rs 110

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SANSTAR · price

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Price reaction · full curve 14 horizons · vs prior close

+0.2%1-day move

₹114.95

prior close

₹115.00

base price

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AI summary

Sanstar Ltd received in-principle approval from BSE and NSE to issue 1,80,24,157 equity shares (face value Rs 2) at Rs 110 per share on a preferential basis to Corn Products Development Inc., a non-promoter. This includes a premium of Rs 108 per share, taking the total issue size to approximately Rs 198.27 crore. Corn Products Development Inc. is the international arm of Ingredion, a global Fortune 500 ingredient solutions company. Allotment is subject to statutory and regulatory compliances.

Likely market impact

A marquee global investor taking a large stake signals long-term confidence, but existing shareholders will see dilution of ~25%+ once shares are allotted.