Comments
Pharmaceutical company Wintac is seeking shareholders’ nod for its proposed delisting from the BSE. Shares of the company are not listed on the NSE. 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 said in a recent notice to the stock exchanges. Veega Pharma LLC, promoter of Wintac, had fixed the floor price of the delisting at ₹220 a share.
The company is also seeking shareholders’ approval to sell, transfer or dispose of the pharmaceutical business as a going concern on a ‘slump sale’ basis to Par Formulations Pvt Ltd , in one or more stages.
Wintac is also seeking the consent of the shareholders to raise the borrowing limits of the company to ₹135 crore.
Currently, the promoter holds 54.99 per cent stake in the company and small retail investors 8.61 per cent. Among the public, S Jayaprakash Mady holds 4.45 per cent, Kripa Mady 6.70 per cent, ST Raghavendra Mady 7.95 per cent and Rathnakala Mady controls 2.37 per cent stake in the company. Besides, Bangalore Pharmaceutical & Research Lab Pvt Ltd owns 12.26 per cent stake in the company.
On Wednesday, the shares of Wintac closed at ₹203, down 4.2 per cent. Only 325 shares changed hands during the day against the two-week average of 2,014 shares.
Comments
COMMENT NOW
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.