Fulford India is locked at the upper circuit of 20% at Rs 823 after the company said it has received a letter from Dashtag, the promoter of the company, expressing his intention to make a voluntary delisting offer to the public shareholders of the company.
The indicative price for the delisting has been fixed at Rs 1,150, a 68% premium against its Friday’s closing price of Rs 686 on the Bombay Stock Exchange (BSE).
The indicative price for the delisting has been fixed at Rs 1,150, a 68% premium against its Friday’s closing price of Rs 686 on the Bombay Stock Exchange (BSE).
Dashtag, the promoter, plans to acquire 0.98 million shares, representing 25.05 per cent of the paid-up equity share capital of Fulford India. The promoters held 74.95% stake in the pharmaceutical company as on March 31, 2014.
Meanwhile, the board of directors of the company at their meeting held on April 26 has approved the delisting offer and intends to seek the approval of the shareholders through a postal ballot in terms of the delisting regulations, Fulford India said in a statement.
At 0920 hours, around 660 shares changed hands on the counter and there are pending buy orders for 785,146 shares on the BSE.
