Allcargo Logistics was locked at its 20% UC of the day at Rs.130.80 the moment it opened for trade. This is also a new high since May 2018.
The company, yesterday night stated that its promoter group, including Shashi Kiran Shetty and Talentos Entertainment, have intimated the company of their plans to delist the company.
Currently promoters hold 70.01% stake and the floating stock is 29.99%. Based on yesterday’s closing price, the promoters will have to shell out Rs.803 crore to get it delisted. But one can expect a further runup on the stock price as is usually seen till the buyback price is announced.
The company will hold a board meet on 27 August to consider the delisting proposal.