Fulford India shares soar 20% on delisting offer

Written by PTI | Mumbai | Updated: Apr 29 2014, 03:26am hrs
Shares of Fulford India surged 20 per cent after as its promoter made voluntary delisting offer at an indicative price of Rs 1,150, over 67 per cent premium to the Friday's closing price.

The company's stock surged 20 per cent to Rs 823 -- its upper circuit limit at the BSE.

It had informed BSE that the board of directors of Fulford India Ltd (target company) has approved the delisting offer on April 26 and intends to seek the approval of the shareholders through postal ballot.

The floor price for the delisting offer is Rs 701.71 per equity share of Fulford India Ltd (target company).

Dashtag, the promoter, plans to acquire 25.05 per cent representing of the paid-up equity share capital of Fulford India, the company had said in a BSE filing on Saturday.

The promoter held 74.95 per cent stake in Fulford India as on March 31, 2014.

If the delisting offer is successful the equity shares of Fullford India will be delisted from the BSE in accordance with the delisting regulations, it further said.

Fulford India is the subsidiary of Merck & Co Inc. Merck operates in India via three separate entities MSD Pharmaceuticals Private Limited, Organon (India) Private Limited and Fulford (India) Limited.