Srinivasa Hatcheries has gained over 5% to Rs 107.85 on BSE after the company's promoters came up with a proposal to voluntarily de-list the company.
Pursuant to a Board of Directors meeting, the company informed BSE that it has received letters from the promoter and promoter group of the company, currently holding 75% of the paid-up capital, with a proposal to voluntarily delist the equity shares of the company from BSE in accordance with the SEBI regulations.
The promoter and promoter group, C Jagapati Rao, C.Suresh Rayudu, C.Jahnavi, Srinivasa Farms Private Ltd, Jagapathi Investments among others, have made an offer of floor price of Rs 110 at which they intend to buy the equity shares from the public shareholders which is 14% higher than the price of Rs 96.48 determined as per SEBI guidelines.
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The promoter and promoter group intend to obtain full ownership of the company to support company's business and strategic needs with increased operational flexibility and also to provide an exit opportunity to the public shareholders.
A public announcement of the voluntary delisting proposal from the promoter and promoter group is proposed to be made after the consent of the public shareholders of the company and in-principle approval from BSE along with other approvals and consents as may be required from regulatory and government authorities have been received.
The stocks opened at Rs 118 which is also the high level till 10:45 hrs. Around, 7,000 shares have changed hands on BSE. The stock is not listed on NSE.
