Clean Science Share Price Sees Heavy Volumes After Block Trade Error

Market Performance

Shares of Clean Science and Technology Limited witnessed high volatility on Thursday, August 21, after a sudden drop of 7% in early trade. The fall was triggered by an unusual surge in trading volumes, later clarified as a 'punching error' during a block deal.

By 10:15 a.m., the stock was trading at ₹1,137.9 on NSE, down 3.6% from the previous session’s close.

Main News

The company explained that a broker error at Spark Avendus caused over 6 crore shares to be exchanged in a block deal, whereas the actual intended transaction involved only 2.5 crore shares.

As a result, the stock price witnessed sharp swings before stabilizing. The firm later clarified that the 2.5 crore shares, representing 24% of its outstanding equity, were correctly exchanged in the transaction.

Company Details

• Promoter Stake Sale: The promoters, including Ashok Ramnarayan Boob, Krishnakumar Ramnarayan Boob and family, diluted up to 24% stake.
• Deal Value: Reports indicate the transaction could raise around ₹2,626 crore (approx. $302 million).
• Floor Price: Shares were sold at a floor price of ₹1,030 per share, about 13% lower than the previous session’s closing.
• Lock-In Period: The deal includes a 3-year lock-in, with exceptions for inter-se promoter transfers, change of control, or court-approved schemes.
• Brokers: Spark Institutional Equities (Avendus Capital) and JP Morgan acted as joint brokers.

Shareholding Pattern (as of June quarter):

• Promoters: 74.9%
• FIIs: 6.2%
• DIIs: 5.9%
• Public: 12.9%

Financial Data – Q1 (June Quarter)

• Revenue: ₹240 crore (+8% YoY)
• EBITDA: Grew 5% YoY
• EBITDA Margins: Stable
• Net Profits: Not disclosed in block trade filing, but sequentially aligned with EBITDA growth

Summary

The Clean Science share price dropped sharply due to a block trade error but recovered after clarification. With 2.5 crore shares (24% equity) exchanged, the promoters successfully executed a large stake sale valued at ₹2,626 crore. Despite the short-term fall, the company’s Q1 FY25 revenue of ₹240 crore (+8% YoY) and steady EBITDA growth highlight operational stability.