Matrix Laboratories today surged 20 per cent to hit its upper circuit after the drug manufacturer said its US-based parent Mylan Inc will acquire the remaining 28.85 per cent stake in the company.
In a filing to the Bombay Stock Exchange, Matrix Laboratories said Mylan Inc, through its subsidiary MP Laboratories (Mauritius), would make a delisting offer to the public shareholders of Matrix.
Following the announcement, shares of Matrix surged 20 per cent in the opening trade to hit an upper circuit of Rs 141.40.
The share buyback would be through a reverse book-building process and the indicative buyback price would be up to Rs 150 a share, the filing added.
As on December quarter 2008, M P Laboratories (Mauritius) held 11,00,24,352 shares representing 71.16 per cent stake of the company.
Post the buyback of share from public, the parent firm would delist the company from the Bombay and National Stock Exchange.
Further, Matrix would seek shareholder approval via an extra-ordinary general meeting for the said delisting.
