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TTK Healthcare has informed exchanges that its buyback offer to voluntarily delist its shares from the exchanges has failed. The Chennai-based healthcare firm said the total number of shares tendered by public shareholders was less than the minimum requirement of 90 per cent for the offer to sail through.
The company said it received a total of 17,03,482 equity shares with 1,804 successful bids against the book size of 35,94,493 equity shares. “As the post Delisting Offer shareholding of the promoter acquirer, along with other promoter and promoter group, does not exceed 90 per cent of total issued number of equity shares, the delisting offer has failed in terms of Regulation 21 of the SEBI Delisting Regulations,” the company said.
It further added that the lien market on shares tendered/ offered will be released on the equity shares in their respective demat accounts of the public shareholders in accordance with Regulation 23 of the SEBI Delisting regulations.
As on date, TTK Healthcare promoters hold 1.05 crore shares (74.56 per cent) of the total 1.41 crore paid up equity shares of the company while public investors hold 35.94 lakh shares representing 25.44 per cent of total shareholding in the company.
TTK Healthcare shares were trading at ₹1,184 on NSE at the time of this report.
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