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"The promoter/promoter group of the company has made a voluntarily delisting offer representing 49.87% of the paid-up share capital of the company held by public shareholders," Claris Lifesciences said in a BSE filing.
During the board meeting held on December 6, 2017, the board also evaluated other options for efficient distribution of the net cash proceeds available with the company to the shareholders, such as distribution of dividend and buy-back of shares etc., or a combination thereof.
The company said the board observed that the delisting proposal could be preferable option for the public shareholders, as it provides them with a complete exit from the company at a price discovered through the reverse book-building mechanism.
The board appointed IDFC Bank as a merchant banker for carrying out due diligence as required in terms of the provisions of delisting regulations.
As per disclosures made by the company on October 12, 2017, the company has net cash proceeds of Rs 2,077 crore, translating to a value of Rs 381 per equity share.
As of September 30, 2017, the promoters held 50.13% stake in Claris Lifesciences. The foreign portfolio investors held 25.62% holding, followed by individual shareholders (12.9%), bodies corporate (6.79%) and mutual funds (1.93%).
Since its listing on December 20, 2010, Claris Lifesciences has gained 76% as compared to 64% rise in the S&P BSE Sensex till yesterday. The company had raised Rs 300 crore by issuing shares at Rs 228 per share to other than anchor investors. It issued shares to anchor investors at a price of Rs 293 per share. The company paid dividend of Rs 19 per share to its shareholders since 2011.
At 12:44 PM; the stock was trading 2.4% lower at Rs 353 on the BSE, as compared to 0.59% rise in the S&P BSE Sensex. Around 261,000 shares changed hands on the counter on the BSE so far.