Fulford (India) is locked in down circuit of 5% at Rs 1,584 on BSE after Dashtag, the promoter of the company said it may consider other strategic alternatives in relation to its ownership of shares in the company, if the delisting offer not be successful.
Dashtag said, the spurt in the share price of the Fulford (India) after the announcement of the proposed delisting of the company's shares was made in the public domain, is not, reflective of the business fundamentals of the company.
Shares in Fulford (India) has more than doubled to Rs 1,668 from Rs 686 on April 24, 2014 after the company said it has received a letter from Dashtag’s intention to make a voluntary delisting offer to the public shareholders.
The promoter would like to reiterate that as stated in its letter dated April 25, 2014 to the company, the indicative price currently approved for the proposed delisting offer is Rs 1,150 per share, it added.
Dashtag has also stated that it follows stringent financial discipline in its acquisitions and does not intend to make acquisitions that do not satisfy its financial expectations.
The public shareholders are advised to use discretion and caution when trading in shares of the company, the promoter said.
Dashtag, which held 74.95% stake in the company, has proposed to acquire 25.05% or 0.98 million shares, representing of the paid-up equity share capital of Fulford India.
Dashtag said, the spurt in the share price of the Fulford (India) after the announcement of the proposed delisting of the company's shares was made in the public domain, is not, reflective of the business fundamentals of the company.
Shares in Fulford (India) has more than doubled to Rs 1,668 from Rs 686 on April 24, 2014 after the company said it has received a letter from Dashtag’s intention to make a voluntary delisting offer to the public shareholders.
The promoter would like to reiterate that as stated in its letter dated April 25, 2014 to the company, the indicative price currently approved for the proposed delisting offer is Rs 1,150 per share, it added.
Dashtag has also stated that it follows stringent financial discipline in its acquisitions and does not intend to make acquisitions that do not satisfy its financial expectations.
The public shareholders are advised to use discretion and caution when trading in shares of the company, the promoter said.
Dashtag, which held 74.95% stake in the company, has proposed to acquire 25.05% or 0.98 million shares, representing of the paid-up equity share capital of Fulford India.
