Pharma firm Wintac on Saturday said its promoter Veego Pharma, LLC has got approval from the Department of Pharmaceuticals (DoP), Ministry of Chemicals and Fertilizers, to hold up to 100 per cent shares in the company.
"Veego has now been accorded the approval of the DOP vide letter dated March 13, 2020, for 100 per cent FDI, thereby enabling Veego to hold up to 100 per cent shares in the Company," it said in a BSE filing.
Wintac received letter dated March 13, 2020 from Veego informing about the receipt of DoP approval and conveying its intention to continue with the delisting process, it added.
It said the promoter further confirms that acquisition of shares from the public shareholders shall be made in accordance with the SEBI Delisting Regulations and that Veego will make a public announcement for the same.
The promoter, being a foreign entity, is required to obtain prior approval of the DoP for any increase in its shareholding. Accordingly, a fresh application was made by Veego on March 27, 2019 to the DoP seeking its consent for increasing its shareholding up to 100 per cent in the company.
On June 13, 2019, Wintac had received proposal from its promoter Veego Pharma, LLC reaffirming its intention seeking voluntary delisting of the equity shares of the company from the BSE.
Accordingly, in compliance with the provisions of SEBI Delisting Regulations, approvals of the company's board and its public shareholders were obtained.
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