Prabhat Dairy

Prabhat Dairy will be delisted from BSE and NSE on April 30, while trading in its equity shares will be discontinued from April 23, the exchanges said

Tribunal asks the company to deposit Rs 500 cr in separate escrow account within 10 days

Sebi order directing the company to set aside Rs 1,292 crore throws light on key steps taken by both BSE and NSE, which led to a forensic audit at the company

A board meet has been planned on Tuesday to discuss the delisting proposal

99 per cent public institutions voted against the resolution but the promoter group and non-institutional investors voted in favour

The proxy advisory firm has highlighted that Sunfresh Agro and dairy business of Prabhat collectively account for 98.4% of its consolidated revenues

The stock hit a 52-week low of Rs 78.15, down 16 per cent, falling 30 per cent from its intra-day high of Rs 111 on the National Stock Exchange (NSE).

Prabhat will now focus on its cattle field and animal genetics business with the sale of its dairy business

The company has entered into agreements with Tirumala Milk Products, a wholly-owned subsidiary of Lactalis.

Prabhat Dairy has signed joint development agreement with Denmark-based DLG, a major in high-quality vitamin- mineral feeds to drive its diversification.

With the capacity utilisation set to grow in the coming years, Prabhat Dairy Ltd is expecting its B2C products to form 50 per cent of its total business by 2020 as against current 30 per cent. Prabhat Dairy's B2C products include liquid milk, cheese, paneer, curd and the recently launched ice-cream which it sells through retail outlets and modern trade. However, as of now, 70 per cent of its business comes from B2B where it supplies products to players like Mondelez, Abbott, Parle, Nestle and Future Group among others."Currently, our cheese plant is running at a 20 per cent capacity, though we are the third largest cheese manufacturer. We are expecting higher capacity utilisation of our products in the coming days where share of value added products will continue to grow. Our aim is that by 2020, 50 per cent of our business should come from B2C segment such as liquid milk, ghee, curd, paneer, cheese, and ice-cream products," said Vivek Nirmal, joint managing director, Prabhat Dairy ..