Ahlcon Parenteral hits upper circuit
Ahlcon Parenterals has been breaching the upper circuit and hitting a new high since 27th Nov and today too, the story was no different. The stock which closed yesterday at Rs.441, opened today at Rs.463.05, a new 52-week high and the upper circuit. Volumes have jumped up over 5 times.
This sudden infatuation for the stock is purely on account of delisting making it attractive. Yesterday, the company announced that it has received a letter from its parent, B Braun Singapore Pte Ltd to delist the company’s shares from the Bombay, Delhi, Kolkata and Jaipur Stock Exchanges.
B Barun, which currently owns 75% is undertaking this delisting for complete ownership of the company and thus acquire increased operational flexibility to support the company’s business and financial needs, and also to provide an exit opportunity to existing shareholders.
No institutional holding exists and 18.97% stake is held by some 3250 retail shareholders. Interestingly, this includes Ahluwalia Builders and Development Group (1.65%), Capricon Industrials (3.58%) and Bikramjit Ahluwalia (12.66%).