Srinivasa Hatcheries at new high

The much awaited price for delisting of small cap stock, Srinivasa Hatcheries finally came in yesterday after market closure. The company had made the proposal to delist on 27th Nov and post its Board meeting yesterday, promoters approved delisting. They currently hold 75% stake and have made put up a floor price of Rs.110/share to buy back the shares from public shareholders. This price was 14% higher than the price of Rs 96.48 determined as per SEBI guidelines. But since then the stock price has zoomed up and even today, it hit a new high at Rs.118, only to later slip to Rs.104, which is 1.5% higher than yesterdays close. The stock is not listed on the NSE. Its life-time high on the BSE stands at Rs.188.

A public announcement of the voluntary delisting proposal from the promoter and promoter group is proposed to be made after the consent of the public shareholders of the company and in-principle approval from BSE along with other approvals and consents as may be required from regulatory and government authorities have been received.