Tough Nocil has announced that they would go for a foreign equity partner as part of its restructuring plan. But the rumours going round in the market are that shortly the company is going to announce about the equity tie-up at a much higher price than the prevailing market price to petrochemical company Basell. In addition, the proposal to use the huge money the company is expected to rake in from this equity infusion for re-paying the debt is also attracting interest in the stock. When contacted by The Financial Express, a senior official of Nocil confirmed about the proposed foreign equity stake but did not disclose the name of the company and timing of the equity offer.

"There is a proposal to demerge various businesses of the company. The matter is before Bombay High Court and we are awaiting its approval before going ahead with the equity issue plan," he said.

Under the three-tier restructuring of Nocil, petrochemcial business would be spun-off into a separate company to be called Nocil Petrochemicals, rubber chemicals business would be called Nocil Rubber Chemicals, and the remaining businesses would be with Nocil.