BOC India, Styrolution rise on delisting hopes

Styrolution ABS (India) and BOC India are trading higher by more than 7% each

Shares of Styrolution ABS (India) (formerly Ineos ABS (India)) and BOC India are trading higher by more than 7% each on buzz of delisting plans.

Styrolution ABS (India) has rallied almost 9% to Rs 770 on reports that German firm Styrolution, which hold 87.33% stake in the company, is likely to announce an offer to delist shares of its Indian unit from Indian bourses.

BOC India too, surged 8% to Rs 433 after its German parent, Linde AG, said that the possibility of a share buyback is still open with the company and will take a decision on it before June 2013.

BOC, in which the promoters hold over 89% stake, failed to get the shares delisted a year back due to poor response from the public shareholders to a buyback offer.

As per the Securities and Exchange Board of India (Sebi) guidelines, promoters are required to reduce their holding to 75% by June 2013.

Fresenius Kabi Oncology and Astrazeneca Pharma India are among others, in which promoters hold more than 75% stake are trading higher by 4% each on the Bombay Stock Exchange.