Amrit Banaspati rises 3% on delisting of shares

Amrit Banaspati Company rallied as much as 3.37 percent intraday on Monday as the company is going to delist its equity shares from the Bombay Stock Exchange and Delhi Stock Exchange.

The company has approved voluntary delisting of 18.97 lakh shares on November 10, which will be done by reverse book building process. The offer will open for shareholders on January 18 and close January 23.

Promoter and its group hold 74.23 percent stake (54.65 lakh equity shares) in the company as of September 2012.

At 10:02 hours IST, the stock gained 2.03 percent to trade at Rs 151 amid heavy volumes on the Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 111.18 crore.