Manjushree Technopack up 5% on voluntary delisting plan

The voluntary delisting offer will begin on January 27 and close on February 2.

Manjushree Technopack has moved higher by 5% to Rs 437 on NSE after the company said the voluntary delisting offer from its promoters to acquire the balance 28.92% stake will begin on January 27 and close on February 2.

On November 21, 2014, the company said that it had received a letter from the promoters Shruti Financial Services Private Limited and Manjushree Fincap Private Limited informing a proposal to voluntarily delist the equity shares of the company currently listed on the NSE and BSE.

The promoters proposed to acquire up to 3.91 million equity shares, representing 28.92% of the equity capital of the company at a floor price of Rs 378.49 per share.

Currently, the promoters hold 71.08% stake in the company, while the remaining holdings are with the individual shareholders (24.81%) and bodies corporate (3.05%).

Meanwhile, the company said, the promoters also received a letter from investors - Ladoga Holdings and Kedaara Capital Alternative Investment Fund – Kerala Capital AIF – indicating an initial interest in purchasing up to 24% of the equity share capital of the company at a price of Rs 455 per equity share of the company.

The stock opened at Rs 420 and touched high of Rs 444 on NSE. Till 1119 hours, a combined 19,850 shares changed hands on the counter on NSE and BSE.