Prabhat Dairy opened 10.5% lower today morning at Rs.71; it has recovered since then and it currently at Rs.76 levels, still in the red.
The stock price is down after the company announced a discounted delisting price. It set the floor price at Rs 63.77 per share, which is at a discount of 20% to the closing price on Friday.
The company plans to acquire 49.9% stake from the public and voluntarily delist the stock.
It also announced completing sale of its dairy business undertaking by way of slump sale along with the sale of its 100% shareholding in Sunfresh Agro Industries (step-down subsidiary of company) pursuant to a share purchase agreement to the Tirumala Milk Products, a wholly-owned subsidiary of French dairy multinational Groupe Lactaiis. This officially marks the complete exit of the company from its core business of dairy business which was its mainstay.