Inspirisys Solutions fixes floor price for delisting; stock hits 5% upper circuit

In the September-ended quarter, Inspirisys Solutions total income from operations jumped 82 percent on-year to Rs 184 crore.

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Shares of Inspirisys Solutions were locked at 5 percent upper circuit to hit a 52-week high of Rs 93 per share on November 16 after the company fixed a floor price of Rs 68 apiece for delisting plans. The stock later cooled off to Rs 89 apiece on Thursday. The S&P BSE Sensex was up 362 points or 0.5 percent to 66,038 levels, as of 11:10 pm.

So far on November 16, around nine lakh equity shares of Inspirisys Solutions exchanged hands at both exchanges, as against a month-average of 38,000 shares.

The stock of this smallcap IT services company surged 51 percent so far this year as against an 8 percent rise in the benchmark Sensex during the same period. Over the past one year, the stock has grown at a 98 percent compounded annual growth rate (CAGR), suggested data.

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On November 10, 2023, Inspirisys Solutions informed exchanges that they intend to acquire all equity shares held by public shareholders in order to delist the stock from stock exchanges, that is, BSE and National Stock Exchange (NSE).

As of date, the promoter – CAC Holdings Corporation held 70 percent of the fully paid-up equity share capital of Inspirisys Solutions. No shares were held by either foreign institutional investors or mutual funds, suggested data.

According to SEBI’s delisting regulations, the promoter will have to acquire all the equity shares from public shareholders in order to proceed with the delisting plans.

ALSO READ: Smallcap cycles: Simultaneously brilliant and vicious

In the September-ended quarter, Inspirisys Solutions total income from operations jumped 82 percent on-year to Rs 184 crore. Net loss, on the other hand, narrowed to 0.4 crore in Q2FY24 as compared to Rs 1.1 crore in Q2FY24.

Meanwhile, the company’s total expenses increased by 79 percent on-year to Rs 172 crore in Q2FY24.

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