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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.