Infinite Computer hits the roof on delising plan

Infinite Computer Solutions (India) was locked in 20% upper circuit at Rs 334.70 at 15:25 IST on BSE after the company scheduled a board meeting on 12 January 2018 to consider the proposal of voluntary delisting of equity shares.

The announcement was made during market hours today, 9 January 2018.

Meanwhile, the BSE Sensex was up 93.07 points, or 0.27%, to 34,445.86. The S&P BSE Small-Cap index was up 4.95 points, or 0.02% to 19,900.72.

On the BSE, 2.21 lakh shares were traded in the counter so far, compared with average daily volumes of 4,019 shares in the past two weeks. The stock had hit a high of Rs 334.70 in intraday trade today, 9 January 2018, a record high for the stock. The stock had hit a low of Rs 276.05 so far during the day. The stock had hit a 52-week low of Rs 199.19 on 11 August 2017.

The company has an equity capital of Rs 34.32 crore. Face value per share is Rs 10.

Infinite Computer Solutions (India) said that the company has received a letter dated 8 January 2018 from Sanjay Govil, promoter representing the promoter & promoter group of company, expressing their intent to give an offer to the public shareholders of the company to acquire entire 83.44 lakh equity shares of the company held by public shareholders (representing 25.02% of the paid up equity capital of the company.

Currently, Sanjay Govil, along with M C Data Systems, IT Thinkers LLC, Mahiavik LLC & Infinite Technologies LLC collectively hold 2.50 crore 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.

Infinite Computer Solutions (India)'s consolidated net profit fell 7.5% to Rs 28.30 crore on 26% increase in total income to Rs 706.66 crore in Q2 September 2017 over Q2 September 2016.

Infinite Computer Solutions (India) provides technology based business process solutions, next-gen mobility solutions and product engineering services, specializing in the healthcare, banking & finance, telecommunications & technology and media & publishing industries.

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