DIC India is locked in upper circuit of 20% at Rs 283 on NSE after the company informed exchanges that its promoter DIC Asia Pacific Pte Ltd has indicated a price of Rs 260 for the proposed delisting. The de-listing offer price is about 10% premium to DIC India’s closing price of Rs 235.5 on Friday.
A combined 8,116 shares have already changed hands and there are pending buy orders for 990,439 shares on NSE and BSE at 1005 hours.
The company has received a letter dated November 22, 2013 from DIC Asia Pacific Pte Ltd, the promoter of the company proposing to make a voluntary delisting offer, DIC India said in a regulatory filing.
The company engaged in specialty chemicals business said that it will use the reverse book building process to de-list the company and shareholders are free to tender their shares at a price higher that the indicative offer price.
Currently, the promoters hold 71.75% stake in the company. The individual shareholder held 24.31% stake, while the remaining 3.94% holdings are with the bodies corporate (3.22%) and others.
A combined 8,116 shares have already changed hands and there are pending buy orders for 990,439 shares on NSE and BSE at 1005 hours.
The company has received a letter dated November 22, 2013 from DIC Asia Pacific Pte Ltd, the promoter of the company proposing to make a voluntary delisting offer, DIC India said in a regulatory filing.
The company engaged in specialty chemicals business said that it will use the reverse book building process to de-list the company and shareholders are free to tender their shares at a price higher that the indicative offer price.
Currently, the promoters hold 71.75% stake in the company. The individual shareholder held 24.31% stake, while the remaining 3.94% holdings are with the bodies corporate (3.22%) and others.