Infinite Computer Solutions (India) was locked in upper circuit of 20% at Rs 335, also its record high on BSE, after the IT consulting & software firm said that the company’s board will meet on January 12, 2018 to consider the proposal of voluntary delisting.
“The Company has received a letter dated January 08, 2018 from Mr. Sanjay Govil, promoter representing the promoter & promoter group of our company, expressing their intent to give an offer to the public shareholders of the company to acquire entire 8.34 million equity shares of the company held by public shareholders (representing 25.02% of the paid up equity capital of the Company),” Infinite Computer Solutions (India) said in a regulatory filing.
The stock of the company listed on the National Stock Exchange of India Limited (NSE) and BSE.
Currently, Sanjay Govil, along with M C Data Systems Private Limited, IT Thinkers LLC, Mahiavik LLC & Infinite Technologies LLC collectively holds 25 million equity shares representing 74.98% of the paid up equity capital of the Company and are classified as Promoter and Promoter Group of the Company in all regulatory filings, it added.
“The delisting of the company will enable the promoter and promoter group company to obtain full ownership of the company, which will in turn provide enhanced operational flexibility to support the company’s business. It will also provide an exit opportunity to the public shareholders of the company,” Infinite Computer Solutions (India) said.
Subros too surged 20% to Rs 438 in intra-day trade. The stock of auto ancillary company soared 39% in past three trading sessions after the company announced that it has started supply of blower for trucks to its customers include Tata Motors and Ashok Leyland from 1st January, 2018 as per schedule.
During the past year, Subros has intimated its investors and stakeholders about the impact of notification(s) issued by the Ministry of State for Road Transport and Highways about introduction of Blower in Truck application for N2 (3.5 to 12 tonnes) and N3 (above 12 tonnes) category trucks, the company said in a regulatory filing.
Subros has tied up with Ashok Leyland, Swaraj Mazda Isuzu, Mahindra Truck and Bus Division and Tata Motors for the businesses, it added.
While majority of the customers have opted for Blower application in truck as per the notification but few customers have chosen for air-conditioning fitment as an optional action, the company said.