Only Buyers in Matrix Labs on Delisting plans

The share price of Matrix Labs has been soaring high on news that Mylan Laboratories (the majority shareholder in Matrix) is proposing to delist the company from stock markets at an indicative price of upto Rs.150. This is part of strategic move by Mylan to consolidate its holding in the company. The stock was quoting at Rs.141 up by 20% with no sellers and pending buy orders of more than 8 Lac shares. The stock has nearly doubled in last three months.

Mylan Laboratories had acquired 71.16% Controlling Interest in Matrix Laboratories in Jan 2007. As per the latest Shareholding pattern the Foreign Institutional Investors (FII’s) hold 16% stake in the company.

Matrix Labs has a book value of Rs. 44 Per share and the stock is currently trading at Price to Book value of 3.22