Prabhat Dairy stock up 20% on delisting plans; promoters to buy back shares

Shares of Prabhat Dairy, which sold its milk distribution business to French major Lactalis in January, rallied 20 per cent on Friday, a day after the company announced it was looking to delist from the exchanges.

The stock was locked in an upper circuit band, closing trade on the BSE at Rs 78.15 per share after the company’s promoters said they were looking to buy back 49.9 per cent from public shareholders. They hold 50.1 per cent in the company.

A board meet has been planned on Tuesday to discuss the delisting proposal, where appointment of a merchant banker for