 "DIC India plunges over 30% in two days ahead of closure of delisting offer")
DIC India has dipped 16% to Rs 415, extending its previous day’s 20% drop, ahead of closure of the open offer made by the company's promoter, DIC Asia Pacific Pte to delist company’s shares from the stock exchanges.
The stock opened at Rs 481 and touched a low of Rs 397 on the BSE. The trading volumes have more than doubled with a combined 294,874 shares changing hands so far on the BSE and NSE.
DIC Asia Pacific Pte Ltd, which held 71.75% stake in the company, has determined the indicative offer price of Rs 260 per share for the proposed delisting.
As of the date, the public shareholders hold 2.59 million equity shares constituting 28.25% of the fully paid-up equity share capital of the company.
The delisting carried out through the reverse book building process began on October 14 and closes on October 20. According to information available on BSE website, the company received total bids for 864,778 shares till 1500 hours. Maximum bids for 456,000 shares have been received at Rs 1,750 and for 339,510 shares at Rs 750, data shows.
The stock opened at Rs 481 and touched a low of Rs 397 on the BSE. The trading volumes have more than doubled with a combined 294,874 shares changing hands so far on the BSE and NSE.
DIC Asia Pacific Pte Ltd, which held 71.75% stake in the company, has determined the indicative offer price of Rs 260 per share for the proposed delisting.
As of the date, the public shareholders hold 2.59 million equity shares constituting 28.25% of the fully paid-up equity share capital of the company.
The delisting carried out through the reverse book building process began on October 14 and closes on October 20. According to information available on BSE website, the company received total bids for 864,778 shares till 1500 hours. Maximum bids for 456,000 shares have been received at Rs 1,750 and for 339,510 shares at Rs 750, data shows.
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