Allcargo Logistics stock hits 52-week high after announcing initial plan to delist shares

The floor price determined in accordance with the delisting regulations will be informed in due course, the company said in the filing.

Jul 22, 2021 03:07 IST India Infoline News Service

Allcargo Logistics
Allcargo Logistics shares hit a 52-week high on the BSE at Rs171.10 in Thursday’s trade. The promoter and promoter group of the company on Wednesday has announced an initial plan to acquire all the equity shares held by public shareholders and voluntarily delist from the stock exchanges by making a delisting offer under the delisting regulations of the stock market regulator SEBI.

The floor price determined in accordance with the delisting regulations will be informed in due course, the company said in the filing.

Allcargo said that the delisting would enhance the company’s operational, financial and strategic flexibility, including but not limited to corporate restructurings, acquisitions, exploring new financing structures, including financial support from the members of the promoter group.

The stock is currently trading at Rs167.70 up by Rs10.85 or 6.92% from its previous closing of Rs156.85 on the BSE.

The scrip opened at Rs171.10 and has touched a high and low of Rs171.10 and Rs165.80 respectively.

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