Prabhat Dairy Hits 20% Upper Circuit On Delisting Proposal

Prabhat Dairy Hits 20% Upper Circuit On Delisting Proposal

Prabhat Dairy got listed on stock exchanges in 2015.

Shares of the Ahmednagar-based dairy products maker – Prabhat Dairy – surged by their daily maximum limit of 20 per cent to hit an intraday high of Rs. 78.15 on the BSE after it informed exchanges that the promoters of the company have expressed their intention to delist shares from stock exchanges. Prabhat Dairy plans to acquire 49.90 per cent stake in the company held by public shareholders and consequently delist the equity shares of the company from the stock exchanges.

“We wish to inform you that the company has received letter dated September 4, 2019 from the Mr, Sarangdhar Ramchandra Nirmal, Mr. Vivek Sarangdhar Nirmal, Madhyam Farming Solutions Private Limited and Nirmal Family Trust, the members of the promoter and promoter group of the company. In the letter, they have expressed their intention to acquire 4,87,40,547 fully paid up equity shares of the company representing 49.90 per cent 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”, Prabhat Dairy said in an exchange filing after market hours on Thursday.

“Presently, 4,89,35,584 fully paid-up equity shares of the company representing 50.10 per cent of the paid up equity share capital of the company are held by shareholders forming part of its promoter and promoter group,” Prabhat Dairy added.

Prabhat Dairy will hold meeting of its board of directors on September 10 to consider the delisting proposal