DIC India is locked in upper circuit for a second consecutive day up 20% at Rs 283 on BSE after its promoter DIC Asia Pacific Pte Ltd propose a voluntary delisting of the company’s equity shares from the Indian stock exchanges.
The company has received a letter dated November 22, 2013 from DIC Asia Pacific Pte Ltd, the promoter of the company proposing to make a voluntary delisting offer, DIC India said in a regulatory filing.
DIC Asia Pacific Pte Ltd, which held 71.75% stake in the company, has determined the indicative offer price of Rs 260 for the proposed delisting, it added.
The company engaged in specialty chemicals business said that it will use the reverse book building process to de-list the company and shareholders are free to tender their shares at a price higher that the indicative offer price.
A combined 510,051 shares have already changed hands and there are pending buy orders for 26,100 shares on NSE and BSE at 1400 hours.
Meanwhile, the stock has rallied 56% in past one week compared to 1.9% fall in benchmark S&P BSE Sensex.
The company has received a letter dated November 22, 2013 from DIC Asia Pacific Pte Ltd, the promoter of the company proposing to make a voluntary delisting offer, DIC India said in a regulatory filing.
DIC Asia Pacific Pte Ltd, which held 71.75% stake in the company, has determined the indicative offer price of Rs 260 for the proposed delisting, it added.
The company engaged in specialty chemicals business said that it will use the reverse book building process to de-list the company and shareholders are free to tender their shares at a price higher that the indicative offer price.
A combined 510,051 shares have already changed hands and there are pending buy orders for 26,100 shares on NSE and BSE at 1400 hours.
Meanwhile, the stock has rallied 56% in past one week compared to 1.9% fall in benchmark S&P BSE Sensex.
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