Shares of DOMS Industries, a leading Indian stationery and art materials manufacturer headquartered in Valsad, Gujarat, tumbled as much as 4.92% to ₹2,200 apiece on the NSE on Wednesday, June 16, after a large block deal took place in the block deal window.
However, the stock recovered later, and when last seen, it was trading at ₹2,277.40, down 1.58% lower on the NSE.
According to reports, as many as 44.1 lakh shares or 7.3% equity of DOMS Industries worth ₹980.6 crore changed hands via a block deal.
Earlier, news reports said that FILA (Fabbrica Italiana Lapis ed Affini), the Italian stationery and art materials group and the largest promoter of DOMS Industries, was likely to sell up to a 7% stake in the company through a block deal.
The base deal size, according to a CNBC-TV18 report, was estimated at 5.2% equity, with an upsize option of an additional 1.8% stake. The floor price was reportedly set at ₹2,100 per share, implying a discount of around 9% to DOMS Industries' closing price on Tuesday.
Recent updates to know
Last week, DOMS Industries announced that it had entered into an agreement to acquire the business of Reynolds Pens India Limited.
The company said it has signed an Asset Purchase Agreement (APA) with Reynolds Pens India Private Limited, Sanford, L.P., Luxembourg Brands, Newell Europe, NWL Valence Services S.A.S., and NWL Switzerland to acquire certain assets, contracts, employees, intellectual property, and identified liabilities related to the manufacture and sale of pens, markers, highlighters, and school supplies under the Reynolds brand.
Upon completion of the transaction, DOMS will receive a royalty-free licence to use the Reynolds brand as part of Reynolds Pens India's corporate name and for ancillary purposes. In addition, Sanford, L.P. will grant DOMS a royalty-free licence to use the Paper Mate brand to fulfil obligations under certain licence agreements that will be transferred to the company. The licences will be governed by detailed agreements to be executed at the completion of the transaction.
About DOMS Industries
DOMS Industries Limited is primarily engaged in the manufacturing, marketing, trading, and distribution of school stationery and art materials. The company's products are primarily sold under the flagship brand DOMS, as well as through other sub-brands, such as C3, Amariz, FixyFix, and ClapJoy.
Its products consist of erasers, graphite pencils, sharpeners, acrylic colors, color pencils, oil pastels, plastic crayons, poster colors, sketch pens, synthetic brushes, tube colors, watercolors, wax crayons, drawing instruments, geometry boxes, diaries, notebooks, ball pens, chalks, correction pens, drawing pads, writing pads, marker pen, among others.
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