There is a lot of activity on the counters of Prabhat Dairy. The stock hit the 20% UC at Rs.78.15 the moment it opened for trading. Volumes on the counter were pretty high, surging over 7.5 times.
The company, after market hours yesterday said that its Board will be meeting on 10th Sept to consider delisting the shares from the exchanges.
The promoters want to acquire 49.9% stake from the public shareholders and then go for voluntary delisting. The promoters currently hold 50.1% stake.
The company has received letter dated September 4, 2019 from the Sarangdhar Ramchandra Nirmal, Vivek Sarangdhar Nirmal, Madhyam Farming Solutions Private Limited and Nirmal Family Trust, the members of the promoter and promoter group of the Company.
Of the 50.1% stake, Nirmal Family Trust holds 46.64%, Sarangdhar Ramchandra Nirmal holds 1.15% and Vivek Sarangdhar Nirmal holds 1.15%. Madhyam Farming Solutions holds no stake.
The trading window of the company will remain closed with immediate effect and shall re-open only after 48 hours from the announcement of the outcome of the board meeting to the stock exchange wherein the Delisting Proposal is approved/ rejected by the board of directors of the company.