DIC India lost 2.07% to Rs 342.45 at 10:02 IST on BSE, with the stock sliding on profit booking after recent steep rally triggered by the company's promoter proposing a voluntary delisting offer.
Meanwhile, the S&P BSE Sensex was up 177.90 points or 0.87% at 20,598.16.
On BSE, 7,878 shares were traded in the counter as against average daily volume of 40,000 shares in the past two weeks.
The stock was volatile. The stock lost as much as 2.77% at the day's low of Rs 340 so far during the day. The stock rose as much as 1.31% at the day's high of Rs 354.30 so far during the day. The stock had hit a 52-week high of Rs 364.40 on Wednesday, 27 November 2013. The stock had hit a 52-week low of Rs 152 on 29 July 2013.
Shares of DIC India had galloped 48.36% in four trading sessions to settle at Rs 349.70 on Wednesday, 27 November 2013 from Rs 235.70 on 22 November 2013 after the company at its board meeting held on 23 November 2013 said that its promoter has proposed a voluntary delisting offer.
DIC India informed exchanges that its promoter DIC Asia Pacific has proposed to delist shares of DIC India from all the stock exchanges. The promoter is proposing to acquire the remaining 25.92 lakh equity shares, or 28.25% stake, in DIC India at an indicative offer price of Rs 260 per share. The company said it will use the reverse book building process to delist shares of the company and shareholders are free to tender their shares at a price higher than the indicative offer price. DIC Asia Pacific has fixed a floor price of Rs 174 per share for the proposed delisting offer.
DIC India's net profit declined 42.7% to Rs 3.41 crore on 6.1% growth in net sales to Rs 189.36 crore in Q3 September 2013 over Q3 September 2012.
DIC India is a part of the World's largest manufacturer of printing inks and allied material, DIC Corporation of Japan. DIC Japan has a share holding in DIC India through DIC Asia Pacific, Singapore. As on 30 September 2013, DIC Asia Pacific held 65.86 lakh shares, or 71.75% stake in DIC India.
DIC India is one of the largest companies in the Indian printing, publishing and packaging industry segment, serving top-of-the-line newspapers, magazines, packaging and printing establishments in the country.
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