For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Prabhat Dairy Shares Climb 20% As Company Plans Delisting

|

Shares of Prabhat Dairy rallied 19.95 percent to hit upper circuit of Rs 78.45 apiece on NSE on Friday morning. On Thursday, post-market hours, the company said that its board of directors will consider delisting shares from the stock exchanges on 10 September.

Prabhat Dairy Shares Climb 20% As Company Plans Delisting
 

Promoters of the company intend to purchase 49.9 percent of the stake from public shareholders and then go for voluntary delisting. They currently hold 50.1 percent in the company.

The stock exchange filing said that the company has received a letter from the promoters, wherein, "they have expressed their intention to acquire 4,87,40,547 fully paid-up equity shares of the Company representing 49.90% of the paid-up equity share capital of the Company that are presently held by the public shareholders of the Company and consequently voluntarily delist the equity shares of the Company from the stock exchanges where they are listed, namely BSE Limited and National Stock Exchange of India Limited ("Stock Exchanges") in accordance with the Delisting Regulations and withdrawal of "permitted to trade" status of the equity shares of the Company from Metropolitan Stock Exchange of India Limited ("MSE") ("Delisting Proposal")".

"Presently, 4,89,35,584 fully paid-up equity shares of the Company representing 50.10% of the paidrup equity share capital of the Company are held by shareholders forming part of its promoter and promoter group category out of which Nirmal Family Trust, Mr Sarangdhar Ramchandra Nirmal and Mr. Vivek Sarangdhar Nirmal hold 46.64 %, 1.15% and 1.15% of the paid-up equity share capital in the Company, respectively," it further said.

The stock was trading at 1,685 times its 20-day average volume on Friday, according to a Bloomberg report.

Read more about: prabhat dairy delisting
Story first published: Friday, September 6, 2019, 10:41 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more