Amrit Banaspati gains on delisting plans

The promoters have requested the board of directors to consider and approve the delisting proposal

Amrit Banaspati Company is trading higher by 6% at Rs 150 after the company said it has received a proposal from the promoters for voluntary delisting of the company’s equity shares from the stock exchanges.

“The promoters are requested the board of directors to consider and approve the delisting proposal, and to seek the approval of the shareholders for the same in terms of the delisting regulations,” Amrit Banaspati Company said in a filing. The promoters currently held 74.23% stake in the company.

The company sold its core business - edible oils business - along with its manufacturing undertaking located at Rajpura, Punjab on slump sale basis and as a going concern to M/s Bunge India Private Limited.

The stock, which currently trades on the Bombay Stock Exchange (BSE) and the Delhi Stock Exchange (DSE),  opened at Rs 157 and hit a high of Rs 170 on the BSE. As many as 26,314 shares have already changed hands on the counter in opening deals against an average less than 2,000 shares that were traded daily in past two weeks.