DIC India surged 17.40% to Rs 332 at 12:12 IST on BSE, extending Monday's 20% spurt triggered by the company's promoter proposing a voluntary delisting offer.
The company made the announcement after market hours on Friday, 22 November 2013. The stock surged 20% to Rs 282.80 on Monday, 25 November 2013. The stock has risen 40.86% in two trading sessions from Rs 235.70 on Friday, 22 November 2013.
Meanwhile, the BSE Sensex was down 105.47 points, or 0.51%, to 20,499.61.
On BSE, 1.53 lakh shares were traded in the counter compared with average volume of 1,550 shares in the past one quarter.
The stock hit a high of Rs 339.35 and a low of Rs 321.60 so far during the day. The stock hit a 52-week high of Rs 282.80 on 25 November 2013. The stock hit a 52-week low of Rs 152 on 29 July 2013.
The stock had outperformed the market over the past one month till 25 November 2013, rising 39.90% compared with the Sensex's 0.38% fall. The scrip had also outperformed the market in past one quarter, gaining 41.51% as against Sensex's 11.26% rise.
The small-cap company has an equity capital of Rs 9.18 crore. Face value per share is Rs 10.
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.
In a separate announcement, the company said that DIC Asia Pacific has fixed a floor price of Rs 174 per share for the proposed delisting offer.
Net profit of DIC India declined 42.63% to Rs 3.41 crore on 6.14% rise in net sales to Rs 189.36 crore in Q2 September 2013 over Q2 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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