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Nirma hits 32-month high on delisting

October 11, 2010

MARKETS-SOUTHASIA-STOCKS/

Shares of detergent maker Nirma Ltd jumped 18 percent after the company said its board had approved a proposal by the promoters to acquire all outstanding shares of the company at 235 rupees per share and delist from the BSE and the NSE.

The counter rose to 264.85 rupees, its highest in 32 months before closing 7.1 percent higher at 240 rupees on the BSE with volumes of over 1 million shares.

Nirma is the second company to opt for delisting in four days. Last week Binani Cements Ltd received board approval to delist from the markets. Another company Sparsh BPO is seeking shareholders’ nod for delisting.

Do you think Nirma shareholders stand to benefit with this delisting move?

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