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Prabhat Dairy plunges 10% as it announces delisting of shares

Prabhat Dairy plunges 10% as it announces delisting of shares

Prabhat Dairy plunges 10% as it announces delisting of shares
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By Mousumi Paul  Sept 16, 2019 9:50:25 AM IST (Updated)

The share price of Prabhat Dairy plunged 10 percent intraday after the company’s board approved delisting of shares at a much lower price.

The share price of Prabhat Dairy plunged 10 percent intraday after the company’s board approved delisting of shares at a much lower price.

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At 09:15 am, Prabhat Dairy’s stock was trading 6.74 percent lower at Rs 74.05 per share on the NSE. Intraday, the stock plunged 10 percent to its day’s low of Rs 71.40.
The floor price is set at Rs 63.77 per share, which is at a discount of 20 percent to the closing price as on September 13.
In its BSE regulatory filing, the company said, “The acquirers expressed their intention to acquire 4,87,40,547 fully paid-up equity shares of the Company representing 49.90 percent 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 also 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 percent 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.
The company no longer operates in the core business, which contributed majorly to the revenues and profits.
 
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