( ) The Prabhat Dairy delisting plan comes months after the company sold its core milk processing … Prabhat Dairy Ltd shares plunged as much as 10% in early trade on Monday, i.e. The stock had closed Friday’s session at Rs 79.40. Overall the value of the stock price has fallen over 1% in a week's period.The trading volume on the counter amounts to 0.25 lakh shares and 3.6 lakh shares changing hands on the BSE and NSE so far. Prabhat Dairy has proposed a voluntary delisting of shares. All rights reserved. Notably, the stock has risen over 23% in the last one month in anticipation of delisting announcement.Prabhat Dairy, in a regulatory filing to stock exchanges, said: “The acquirers expressed their intention to acquire 4,87,40,547 fully paid-up equity shares of the company representing 49.9% 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.“The company added that it has recently completed the sale of its dairy business undertaking by way of slump sale along with the sale of its 100% shareholding in Sunfresh Agro Industries (step-down subsidiary of company) pursuant to a share purchase agreement to the Tirumala Milk Products, a wholly-owned subsidiary of French dairy multinational Groupe Lactaiis.Prabhat Dairy now no longer operates in the core business, which contributed majorly to the revenues and profits.Array CNN name, logo and all associated elements ® and © 2020 Cable News Network LP, LLLP.
All rights reserved. This move was on expected lines as the company in a slump had sold 98 percent of its business. Prabhat Dairy plunges 10% after board nod to voluntary delisting of shares Promoters currently hold 50.10 percent stake in the company, of which 59.88 percent is pledged with the lenders. 16 September, after the company’s board approved delisting of shares at a lower-than-expected price.Prabhat Dairy announced that it intended to acquire about 48 million equity shares, or 49.9% stake in the company, from the shareholders at a floor price of Rs 63.77 apiece, which is 20% lower than the stock’s last closing price.At 10:58 am, shares of Prabhat Dairy were trading at Rs 76.15, down 4.1%, after hitting an intra-day low of Rs 71.40. Sarangdhar Nirmal and his family, who hold 50.1 percent stake in Prabhat Dairy, are considering acquiring the remaining 49.9 percent equity held by public shareholders. Prabhat Dairy had sold its fresh milk business in April last year to French firm Lactalis for Rs 1,700 crore. A Time Warner Company. [query] => https://pubstack.nw18.com/pubsync/v1/api/videos/recommended?source=n18english&channels=5d95e6c378c2f2492e2148a2,5d95e6c278c2f2492e214884,5d96f74de3f5f312274ca307&categories=5d95e6d7340a9e4981b2e10a&query=bse%2CNifty%2Cnse%2CPrabhat+Dairy%2Csensex&publish_min=2020-08-30T13:18:17.000Z&publish_max=2020-09-02T13:18:17.000Z&sort_by=date-relevance&order_by=0&limit=2 CNN and the CNN logo are registered marks of Cable News Network, LP LLLP, displayed with permission. 16 September, after the company’s board approved delisting of shares at a lower-than-expected price. Shares of Prabhat Diary … Prabhat Dairy announced that it intended to acquire about 48 million equity shares, or 49.9% stake in the company, from the shareholders at a floor price of Rs 63.77 apiece, which is 20% lower than the … Prabhat Dairy mocks investors by delisting its share at nearly half the IPO price. Prabhat Dairy to consider delisting of shares from exchanges on Sept 10; stock soars 20% The promoters intend to acquire a 49.9% stake from the public shareholders and then go for voluntary delisting. ( "The Acquirers will proceed, at their discretion, to make an offer to the public shareholders of the Company and purchase the equity shares at the exit price in accordance with the Delisting Regulations", the filing further read.As of 1400 IST, the share price of Prabhat Dairy was trading lower by 2.96% at Rs 76.95 on BSE.The trading volume on the counter amounts to 0.25 lakh shares and 3.6 lakh shares changing hands on the BSE and NSE so far. ) The stock trades higher than 20 and 50-day moving averages but lower than 200-day moving averages. Shares of Prabhat Dairy ended the day with 20% gains after the company proposed to voluntarily delist its equity shares. Shares of Prabhat Dairy plunged 10.47% intraday to Rs 71 after the board approved a voluntary delisting of the company's shares. What has come as a surprise is the pricing at which the promoters of Prabhat Dairy expect the shareholders to submit their shares. [videos] => Array Shares of Prabhat Dairy plunged 10.47% intraday to Rs 71 after the board approved a voluntary delisting of the company's shares.Reacting to the announcement, the stock price of Prabhat Dairy formed a gap down chart pattern to trade 10.47% lower at Rs 71, its intraday low on BSE. © Copyright Network18 Media and Investments Ltd 2020. Prabhat Dairy Ltd shares plunged as much as 10% in early trade on Monday, i.e. Use of the CNN name and/or logo on or as part of NEWS18.com does not derogate from the intellectual property rights of Cable News Network in respect of them. "The proposed Delisting Resolution has been placed before the shareholders as a result of the receipt of a letter dated September 4, 2019 from certain members of the promoter and promoter group namely, Mr. Sarangdhar Ramchandra Nirmal, Mr. Vivek Sarangdhar Nirmal, Madhyam Farming Solutions Private Limited and Nirmal Family Trust," the filing added who had, "expressed their intention to acquire 4,87,40,547 fully paid-up equity shares, representing 49.90% of the paid-up equity share capital of the company that is presently held by the public shareholders".As per the filing submitted on September 15, the company voluntarily has delisted the equity shares from the stock exchanges namely, BSE Limited and National Stock Exchange of India Limited and withdrew "permitted to trade" status of the equity shares on the Metropolitan Stock Exchange of India Limited.Additionally, the company has appointed Saffron Capital Advisors Private Limited as the merchant banker after taking note of the Delisting Proposal and has fixed floor price per equity share at Rs 63.77, in accordance with regulations of the Delisting Regulations of SEBI.