Delisting

Recent Posts

Fulford’s parent Dashtag rethinks delisting, stock falls by 20%

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Fulford (India)’s parent Dashtag, a subsidiary of Merck & Co.  has postponed its delisting plans, a decision it has attributed to a sharp rise in Fulford’s share. But a reference to Sebi’s decision to amend the delisting regulations indicates some influence from that side as well. Shareholders reacted with dismay, sending the stock down by 20%on Tuesday to Rs 1,417.3–locked at the lower end of the circuit filter. Dashtag informed Fulford in a letter that it has received all approvals needed for it to make an open offer. Continue Reading →

Filed under: Companies, Finance+Markets, Pharmaceuticals & Healthcare, Top News, Delisting, Fulford India, M&A, Sebi

Alfa Laval to delist, another listed MNC bites the dust

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Alfa Laval (India), a listed multinational and maker of specialised engineering equipment such as heat exchangers, separation and fluid handling equipment, may get delisted from the Indian stock exchanges. The company said its board will meet on September 19 to consider a delisting proposal from its parent company Alfa Laval Corporate AB Sweden.

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Filed under: Companies, Top News, Alfa Laval, Delisting, M&A

Khorakiwalas to delist Carol Info Services

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The Khorakiwala family, which owns a majority stake in pharmaceutical company Wockhardt, is planning to delist a lesser known group company, Carol Info Services. This may be a precursor to a restructuring, which could include a second attempt at selling its nutrition products business or even dispose some properties owned by Carol. The company has a market capitalisation of Rs 460 crore, with the promoter shareholding at 63.7%.

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Filed under: Companies, Top News, Carol Info Services, Delisting, Khorakiwala, Wockhardt

Sebi kills shares with differential voting rights?

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Sebi has introduced a new rule that will effectively kill the desire of companies to issue shares with differential voting rights. The capital market regulator has made a small amendment to the listing agreement that has a wider impact. It has said that a company shall not issue shares that have either superior voting rights or higher dividend entitlements, compared to the ordinary shares listed on the exchange. The rule is effective from July 21, 2009.
 

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Filed under: Economy+Policy, News Analysis, Delisting, Differential Voting Rights, Markets Stock Markets

Pfizer to raise stake in Pfizer India to 75%; is delisting on the cards?

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Pfizer Investment Netherlands BV, a subsidiary of Pfizer Inc, will pay Rs 675 a share to acquire a 33.77% stake in Pfizer India. At this price, the total consideration is Rs 680 crore and Pfizer’s stake will go up to 75%. It will take regulatory approvals for the open offer. Pfizer will have to revise its offer price for the open offer to succeed, as the current market price is already Rs 685. It would have known it may not get many buyers at this price. But it expects the offer to open only in June 2009, so it has used the prevailing price to arrive at a floor. Continue Reading →

Filed under: Companies, Top News, Delisting, M&A, MNC, Open Offer, Pfizer, Pharmaceutical