Shares of Ahlcon Parenterals (India) jumped five per cent on the BSE after its Singapore parent company revealed its intention to delist the company’s shares from the Indian bourses.

The company informed the exchanges that it received a letter from B Braun Singapore Pte Ltd of its intention to delist the company’s shares from the Bombay, Delhi, Kolkata and Jaipur Stock Exchanges.

According to B Barun, which currently owns 75 per cent stake in the company, the delisting proposal is to obtain complete ownership of the company, which will provide the promoter and the promoter group with increased operational flexibility to support the company’s business and fanancial needs, and also to provide an exit opportunity to existing shareholders.

While there is no institutional presence in the company, about 3,250 individual retail shareholders control 18.97 per cent stake.

Major public shareholders include Ahluwalia Builders and Development Group Pvt Ltd (1.65 per cent), Capricon Industrials Ltd (3.58 per cent) and Bikramjit Ahluwalia (12.66 per cent).

The company reported a net profit of Rs 3.75 crore on a revenue of Rs 29.46 crore for the September quarter. For 2012-13 fiscal, Ahlcon reported an income of Rs 107.71 crore and a net profit of Rs 12.87 crore.

The stock is currently trading at Rs 441. Its 52-week high and low are Rs 450 and Rs 285, respectively.

comment COMMENT NOW