DIC India locked at 20% upper circuit on delisting buzz

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Moneycontrol Bureau

Shares of DIC India are locked at 20 percent upper circuit on Monday after the parent company DIC Asia Pacific Pte Ltd decided to delist its Indian subsidiary.

"The board of directors of the company received a letter from DIC Asia Pacific Pte Ltd, proposing to make a voluntary delisting offer," the company said in its filing to the BSE.

DIC Corporation of Japan, world's largest manufacturer of printing Inks and allied material, holds 71.5 percent stake in DIC India through DIC Asia Pacific Pte Ltd, Signapore.

According to a release, DIC Asia is willing to accept the equity shares of the company tendered in the delisting offer at a price of Rs 260 per share (indicative offer price).

However, "this indicative offer price should in no way be construed as a ceiling or maximum price for the purposes of the reverse book building process and the public shareholders are free to tender their equity shares at any price higher than the indicative offer price in accordance with the delisting regulations," DIC said.

DIC Asia, on November 23, fixed a floor price at Rs 174 a share for its delisting proposal.

At 13:43 hours IST, the stock was trading at Rs 282.80 on the Bombay Stock Exchange. There were pending buy orders of 399,550 shares, with no sellers available.