Prabhat Dairy stock was frozen in the upper circuit band of 20 percent at Rs 78.45 on Friday after the company's board decided to voluntary delist the equity shares from the bourses.
The promoters of Prabhat Dairy are intending to acquire about 4.8 crore equity shares or 49.90 percent stake from the shareholders. At present, they hold a 50.1 percent stake in the company, Prabhat Dairy said in an exchange filing on Thursday.
As per the filing, on September 10, the company's board of directors will discuss the delisting process, the appointment of a merchant banker and trading and off-market transaction details for a period of 2 years.
The statement added that the trading window will be closed immediately and shall re-open after 48 hours wherein the announcement of the delisting proposal will be carried.
In January this year, the company sold its dairy business to French major Lactalis for Rs 1,700 crore. After the deal, the company focused on its cattle feed business and expanded its allied businesses such as animal nutrition and animal genetics.
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