Chennai-based TTK Healthcare Ltd. has acquired in-principle approval from the foremost bourses for voluntary delisting of its shares.
The makers of Woodward’s Gripe Water stated in a Detailed Public Announcement that the reverse book-building course of to just accept the shares from the general public will begin on July 20 and shut on July 26.
The promoters have revised the exit flooring value to â‚ą1,201.30 from â‚ą1,051.31 apiece. Shares of the corporate misplaced â‚ą18.40 or 1.39% to shut at â‚ą1,307.30 on the BSE on Thursday.
The promoter group, holding a 74.56% stake within the firm, has opened an escrow account and deposited practically â‚ą432 crore as whole consideration for 36 lakh shares.
Explaining the rationale for delisting, submit exit of the Human Pharma enterprise, the acquirer stated, the corporate was left with a bunch of client product strains with single-digit margin. In a extremely aggressive setting, it required separate consideration and important money outflow.
Also conserving in view the long-term marketing strategy with longer gestation intervals, the promoters felt it will be extra prudent to protect the money and to supply an exit alternative to the general public shareholders by a delisting provide.
