Shareholders in penny stocks that got delisted a few years ago have a reason to smile again. The revival of equity markets has seen the promoters such companies queue up to get their stocks re-listed on the bourses.

Promoters of as many as 25 companies have complied with the listing norms in the last two months, according to Bombay Stock Exchange (BSE) data. These 25 companies have now been re-listed on the BSE after being in the list of suspended companies for periods varying between two and fourteen years.

Among those who got delisted, non-payment of listing fees was the most common reason for suspension. A few of them even failed to submit their quarterly results, while some failed to declare their book-closure dates.

One such company - Vision Technology – got re-list today after a gap of six years, under B group category, after the BSE had revoked the suspension in trading. The stock hit an intra-day high of Rs 6.50 before settling at Rs 3.67, 185% higher from its last traded price of Rs 1.29 in November 2003.

Similarly, Mehta Securities that got re-listed on Friday, after a gap of ten years closed at Rs 20.90, was last traded on April 7, 2000 at a price of Rs 2.10. The trading in the securities of the company resumed in “T&" group category that represents counters which are settled on a trade-to-trade basis as a surveillance measure.

“On complying with the clauses of the listing agreement, the suspension of trading in the securities of the company shall be revoked. The market regulator had recently formed a committee to resolve complaints pending against companies suspended by the exchanges&" analysts say.

As many as 20 out of 25 stocks more than doubled from their market price at the time of they had delisted.

Pasupati Fincap is currently trading at Rs 15, 10,000% higher from Rs 0.15 levels that were last seen on December 13, 2002 – the date the scrip had delisted.

Stocks such as Adinath Exim Resources, Lords Chemicals, Midpoint Software, Kakatiya Textiles, Joy Reality, Dunlop India and Gujarat Raffia Industries have appreciated more than 1000% from their market price at the time of delisting.