Jolly Board plans to delist, shares down 4.5%

Fibreboard manufacturer Jolly Board shares dropped 4.5 percent Tuesday after the company planned to delist from the exchange.

The indicative price is set at Rs 350 a share, which is quite less than half of its Monday's closing price of Rs 913 a piece.

Promoters hold 89.89 percent stake in the company as on March 2013.

Also Read - Seshasayee Paper: Madras HC approves merger of SPB Papers with company

At 11:13 hours IST, the stock was quoting at Rs 872, down 4.54 percent on Bombay Stock Exchange.
 
In the previous trading session, the share rallied 5 percent to close at Rs 913.50.

Net profit of the company jumped significantly to Rs 1.76 crore in January-March quarter 2013 from Rs 36.41 lakh in a year ago period. Total income from operations increased 24.75 crore from Rs 18.11 crore Y-o-Y.

Meanwhile, last week the board of directors declared its second interim dividend of Rs 6 per equity share.