Stocks

Prabhat Dairy to be delisted from BSE, NSE on April 30

PTI New Delhi | Updated on April 12, 2021

Under the SEBI norms, a company must make the final application to the stock exchanges for delisting within one year of passing the special resolution.

Prabhat Dairy will be delisted from BSE and NSE on April 30, while trading in its equity shares will be discontinued from April 23, the exchanges said.

This comes after the company complied with the formalities for voluntary delisting of equity shares.

Further, exit option will be kept open by the promoter/acquirer of the company -- Sarangdhar Ramchandra Nirmal, Vivek Sarangdhar Nirmal, Madhyam Farming Solutions Pvt Ltd and Nirmal Family Trust -- for the remaining public shareholders for at least one year from the date of delisting at the rate of ₹101 per equity share, BSE said.

In separate circulars on Friday, the exchanges said the company has complied with the formalities for voluntary delisting of equity shares. Accordingly, the trading in the equity shares of Prabhat Dairy Limited will be discontinued effect from April 23, 2021.

The scrip will be delisted from the exchange records from April 30, 2021.

In December 2020, markets regulator SEBI granted a six-month extension to Prabhat Dairy to complete the delisting process.

The company received shareholders' nod for delisting the company on October 14, 2019.

In October 2020, Prabhat Dairy had requested Sebi for a six-month extension for filing the final application for delisting, citing the nationwide lockdown that was imposed in March last year as a reason.

Under the SEBI norms, a company must make the final application to the stock exchanges for delisting within one year of passing the special resolution.

Published on April 12, 2021

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