City-based TTK Healthcare Ltd. on Friday said its shares will continue to remain listed on major bourses for trading.
Recently, the promoters, holding about 74.56% of share capital, made a bid to buy back up to 25.44% shares from the public through a reverse book-building process with a view to voluntarily delist the company’s shares from the exchanges.
As part of the delisting exercise, the promoters/acquirers offered ₹1,201.30 a piece for 35,94,493 shares. The bid started on July 20 and ended on July 26.
In all, the public shareholders tendered only 17,03,842 shares, which is less than the number of shares required to be accepted by the acquirers for delisting. In other words, they were able to acquire 87% of shares against the delisting regulations of 90%.
As the delisting offer is deemed to have failed, the acquirers will not acquire any equity shares tendered by the public in the delisting offer and the equity shares will continue to remain listed on the stock exchanges. Further, no final application shall be made to the stock exchanges for delisting, the company said.
Shares of the company gained ₹10.30, or 0.88%, to close at ₹1,185.55 on the BSE on Friday.
