Meanwhile, the S&P BSE Sensex was down 4.08 points, or 0.01% to 35,233.60.
On the BSE, 1.46 lakh shares were traded in the counter so far compared with average daily volumes of 5,626 shares in the past two weeks. The stock had hit a high of Rs 582.65 and a low of Rs 513.30 so far during the day. The stock hit a 52-week high of Rs 598.85 on 15 January 2018. The stock hit a 52-week low of Rs 386 on 8 October 2018.
The BOC Group holds 6.39 crore equity shares, representing 75% of the paid up share capital of Linde India.
The promoter group of the company intends to acquire 2.13 crore equity shares of the company, representing 25% of the paid up share capital, that are currently held by the public shareholders. Accordingly, the promoter shall make the delisting offer to the public shareholders.
The objective of making the delisting offer is to obtain full ownership of equity shares of the company, which will provide the promoter group with operational flexibility to support the company's business and future financing needs. Other reasons include, ongoing expenses with the maintenance of listing on BSE and NSE will be reduced, including investor relations expenses; the need to dedicate management time can be dedicated to the company's business, and time dedicated to compliance with listing requirements gets reduced.
The delisting price will be a price that is determined in accordance with the reverse book building process as set out in the delisting regulations (discovered price).
Linde India reported net profit of Rs 5.25 crore in Q1 June 2018 as against net loss of Rs 2.18 crore in Q1 June 2017. Net sales rose 11.54% to Rs 549.60 crore in Q1 June 2018 over Q1 June 2017.
Linde India, formerly BOC India, is a member of The Linde Group and the leading industrial gases company in India.
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