Infinite Computer Solutions zooms 20% on voluntary delisting plan

The stock hit a record high of Rs 335, up 20% on BSE after said its board will meet on January 12, 2018 to consider the proposal of voluntary delisting.

Infinite Computer Solutions (India) was locked in upper circuit of 20% at Rs 335, also its record high on BSE, after the IT consulting & software firm said that the company’s board will meet on January 12, 2018 to consider the proposal of voluntary delisting.

“The Company has received a letter dated January 08, 2018 from Mr. 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),” Infinite Computer Solutions (India) said in a regulatory filing.

The stock of the company listed on the National Stock Exchange of India Limited (NSE) and BSE.

Currently, Sanjay Govil, along with M C Data Systems Private Limited, IT Thinkers LLC, Mahiavik LLC & Infinite Technologies LLC collectively holds 25 million equity shares representing 74.98% of the paid up equity capital of the Company and are classified as Promoter and Promoter Group of the Company in all regulatory filings, it added.

“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.

In past three months, the stock has outperformed the market by surging 59% against 8% rise in the S&P BSE Sensex.

Till 01:01 PM; a combined 1.03 million shares changed hands and there were pending buy orders for 602,476 shares on BSE and NSE.