Manjushree Technopack opened 20% higher at Rs.440.25, hitting the upper circuit immediately within seconds of the opening bell.

The stock hit the roof because today morning before market opening, the company announced that its Board has approved delisting of its shares from the bourses.

In the Press Release, the company has stated that it has received a letter from the promoters Shruti Financial Services Pvt Ltd and Manjushree Fincap Pvt Ltd informing a proposal to voluntarily delist the equity shares of the company currently listed on the NSE and BSE.

The promoters have informed that they have received a letter from investors - Ladoga Holdings and Kedaara Capital Alternative Investment Fund – Kerala Capital AIF – indicating an initial interest in purchasing up to 24% of the equity share capital of the company at a price of Rs.455 per equity share of the company.

The promoters presently hold 71.08% stake.