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As per the filing, the "proposed offer consists of a fresh issue of equity shares aggregating up to Rs 3,700 million (Rs 370 crore) and an offer for sale of equity shares aggregating up to Rs 3,700 million (Rs 370 crore) by the company".

The stock quoted a 52-week high of Rs 606.0 and a 52-week low of Rs 379.05.

The issue was subscribed only 22 per cent by 11.20 am on Tuesday as it saw bids for 54,88,926 only shares against an offering of 2,54,55,388 shares in the issue, the BSE data showed

“We are going into a dotcom bust kind of thing after almost 20-22 years and there will be a segregation of people who deliver really good businesses versus people who just are burning cash and will flame out.”

A total of 21,200 shares changed hands on the counter till 12:43PM (IST).

The Relative Strength Index of the stock stood at 67.09 on Tuesday.

As of 31-Dec-2021, promoters held 54.9 per cent stake in the company, while FIIs held 20.19 per cent and domestic institutional investors had 10.75 per cent.

As of 31-Dec-2021, promoters held 46.74 per cent stake in the company, while FIIs held 18.88 per cent and domestic institutional investors had 13.61 per cent.

During October-December 2021, the company’s total income clocked in at Rs 266.49 crore, compared with Rs 338.97 crore in the year-ago period, PTI reported.

Following the development, shares of NGL Fine Chem dropped 15 per cent to Rs 2,250, before it recovered to trade at Rs 2,299 at 10.10 am. The scrip settled at Rs 2,632.85 on Monday.