DIC India locked on 20% upper circuit

DIC India is locked on the 20% upper circuit , hitting a new 52-week high at Rs.282.80. It opened itself at this level and was locked immediately.

The stock hit the roof after it announced today morning, before market opening of the floor price for delisting. The promoter, DIC Asia Pacific Pte Ltd has indicated a price of Rs 260 for the delisting, which was at a premium of around 10% to Friday’s closing price of Rs.235.50. The company 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. Institutions do not hold stake and  24.31% stake is held by some 8,600 individual shareholders.