Fulford India announces delisting schedule

The stock surged 11% to Rs 1,685 on the BSE.

Shares of Fulford India have surged 11% to 1,685 on the BSE after the company announced the schedule for its proposed voluntary delisting of the equity shares through reverse book-building process.

The stock opened at Rs 1,600 and hit a high of Rs 1,717 on the BSE.  Around 5,791 shares changed hands till 1354 hours, against an average 4,600 shares that were traded daily in past two weeks.

Dashtag, the promoter which holds 74.95% stake in Fulford India, seeks to acquire up to 976,763 shares representing 25.05% of the share capital from all public shareholders of the company.

As per the schedule, the bid opening date is June 3, 2015. The last date for upward revision or withdrawal of bids has to be June 8 and bid closing date is June 9, Morgan Stanley India Company Private Limited, a manager to delisting offer said in a BSE statement.

The board of directors of the company by its resolution dated April 25, 2014 had approved the delisting offer and had resolved that an acquisition of shares from the public shareholders pursuant to the delisting offer may be made at an indicative price of Rs 1,150 per share, it added.

Earlier, in December last year, the promoter had dropped its plan to de-list the company due to abnormal upward spurt in the share price of the company.

“In view of the current share price of the Fulford (India) being substantially higher than the indicative price of Rs 1,150 per share for the delisting, the Dashtag has decided not to make the public announcement of the delisting offer at this time,” Dashtag, the promoter of the company, said in a letter dated December 1.

The stock hit a 52-week high of Rs 2,160 on November 25, 2014 and 52-week low of Rs 1,100 on March 30, 2015.