Nirma stock up 18% on delisting move

Nirma Ltd today soared nearly 18 per cent to hit one-year high on the BSE.

Nirma Ltd today soared nearly 18 per cent to hit one-year high on the Bombay Stock Exchange in early trade,driven by the detergent maker’s decision to delist shares.

The company,on Saturday,said that it would delist shares from the Bombay Stock Exchange and the National Stock Exchange,and will acquire the entire non-promoter holding in the firm.

Shares of the Ahmedabad-based company started zoomed by 17.99 per cent,touching a 52-week peak of Rs 264.85 in the morning trade on BSE.

The scrip saw a similar strength on NSE,where it gained 16.17 per cent to trade at Rs 260 in early trade. The counter was also the volume buzzer with about 14.5 lakh shares changing hands on the bourses.

Meanwhile,the 30-share benchmark Sensex was also trading higher by 150.85 points firm at 20,401.11.

The company’s promoters,Karsanbhai Patel,Shantaben Patrel and Kulgam Holdings Pvt Ltd,who hold 77.2 per cent in Nirma would buy out 3.63 crore shares with the public at Rs 235 per share,which reflects a premium of about 19 per cent to the price determined as the average of the weekly high and low of the closing prices.

The company was incorporated in 1984 and got listed in 1994.

Led by founder Patel,Nirma charted its success story competing against multi-national firms.

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Nirma is the second company which has taken the delisting route in the last week. On October 6,Binani Cement had announced that its promoters will acquire all the shares held by public and delist the company.