Prabhat Dairy plunges 10% as it announces delisting of shares

In its BSE regulatory filing, the company said, “The acquirers expressed their intention to acquire 4,87,40,547 fully paid-up equity shares of the Company representing 49.90 percent of the paid-up equity share capital of the Company that are presently held by the public shareholders of the Company and consequently voluntarily delist the equity shares of the Company from the stock exchanges.“

The company also added that it has recently completed the sale of its dairy business undertaking by way of slump sale along with the sale of its 100 percent shareholding in Sunfresh Agro Industries (step-down subsidiary of company) pursuant to a share purchase agreement to the Tirumala Milk Products, a wholly-owned subsidiary of French dairy multinational Groupe Lactaiis.

The company no longer operates in the core business, which contributed majorly to the revenues and profits.