This Article is From Jul 18, 2015

Fulford Shares to be Delisted From Bourses on Promoter Offer

Fulford Shares to be Delisted From Bourses on Promoter Offer
New Delhi: Fulford shares will soon be delisted from the stock exchanges following a successful delisting offer made by promoter Dashtag, which is buying the stock at Rs 2,400 apiece from the shareholders.

The buyback offer was worth Rs 234.42 crore as Fulford has bought back 9,76,763 shares.

"The acquirer has accepted the discovered price of Rs 2,400 per share (exit price) and shall acquire all shares tendered through valid bids at or below the exit price. The payment to the shareholders, whose shares have been validly tendered in the delisting offer, will be made by July 23, 2015," Fulford said in a filing to the BSE.

It further said, "The Acquirer issued the Original PA seeking to acquire, in accordance with the delisting regulations and on the terms and conditions set out therein and in the Offer Letter, up to 976,763 Shares representing 25.05 per cent of the paid-up equity share capital of the company from the public shareholders."

The promoter held a 74.95 per cent stake in Fulford India, as of March 31, 2015.

Dashtag is a unit of Merck & Co Inc's Schering Plough Corp.

Merck operates in India via three separate entities - MSD Pharmaceuticals Private Limited, Organon (India) Private Limited and Fulford (India) Limited.