Infinite Computer rallies 38% in two days on voluntary delisting plan

The stock hit a new high of Rs 385, up 15% on BSE, ahead of board meeting on Friday, January 12, 2018 to consider the proposal of voluntary delisting

Infinite Computer Solutions (India) hit a new high of Rs 385, up 15% on BSE, extending its Tuesday’s rally on BSE said that the company said its board will meet on Friday, January 12, 2018 to consider the proposal of voluntary delisting.

The stock of IT consulting & software firm zoomed 35% in past two trading sessions from Rs 279 on Monday.

Infinite Computer Solutions (India) said it has received a letter dated January 08, 2018 from Sanjay Govil, promoter representing the promoter & promoter group of our company, expressing their intent to give an offer to the public shareholders of the company to acquire entire 8.34 million equity shares of the company held by public shareholders, representing 25.02% of the paid up equity capital of the Company.

The stock of the company listed on the National Stock Exchange of India Limited (NSE) and BSE. Currently, Sanjay Govil, along with other promoters collectively holds 74.98% stake in the company.

“The delisting of the company will enable the promoter and promoter group company to obtain full ownership of the company, which will in turn provide enhanced operational flexibility to support the company’s business. It will also provide an exit opportunity to the public shareholders of the company,” Infinite Computer Solutions (India) said.

At 09:41 AM; the stock was trading 12% higher at Rs 376 on BSE, as compared to a marginal 0.02% gain in the S&P BSE Sensex at 34,451 points. The trading volumes on the counter jumped multiple folds with a combined 1.13 million shares changed hands on BSE and NSE so far.