Markets

Wintac promoter accepts ₹350 as delisting price

Our Bureau Chennai | Updated on November 24, 2020 Published on November 24, 2020

Wintac Ltd promoter has accepted the discovered price of ₹350 for delisting the company’s shares from the BSE against the floor price of ₹220 it had offered. The company’s shares are listed only on the BSE.

Veego Pharma LLC (formerly known as Gavis Pharma LLC) had made an open offer between November 11 and 18 to acquire about 45.12 lakh shares (45.01 per cent stake) from the public shareholders of the company. In the reverse book building process, the company had received about 37.27 shares, which is more than required 90 per cent to delist.

The delisting is in the interest of the shareholders of the company, given the low liquidity of the equity shares, as it will provide them with an exit opportunity at a price determined in accordance with the reverse book-building mechanism, the company had earlier said.

All those who have tendered the shares at or below the exit price would be offered ₹350 a share, the company said in a statement.

Shares of Wintac jumped 5 per cent at ₹333.55 following the announcement.

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Published on November 24, 2020
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