Moneycontrol Bureau
Shares of Piramal Glass surged 20 percent intraday on Monday on its delisting plans. Promoters of Piramal group will buy public shares to delist the stock from the bourses.
Shareholders will be offered Rs 100 for a share, it said. “As per the delisting proposal, the objective of the proposed acquirer in making the delisting offer is to give flexibility to the promoter group to provide the desired financial support to the company including modifying the existing capital structure, infusing additional capital and adequately supporting the company’s strategic growth initiatives,” the company said in a statement. As of December, the promoters held a 74.16 percent stake in Piramal Glass. The company said that the delisting proposal will give the company flixibility to deleverage itself and reorganise its operations to improve performance.
In its board meeting held today, it has noted and taken on record the delisting proposal and will be further communicated to the shareholders of the company.
At 10:18 hrs, the stock was quoting at Rs 92.80, up Rs 15.45, or 19.97 percent on the BSE.
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