TTK Healthcare buyback offer to voluntarily delist its shares from the major bourses failed as the total number of shares tendered by the public shareholders was less than the prescribed norm of 90%.
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The city-based healthcare firm was able to garner only 17.02 lakh against the book size of 35.94 lakh shares, it said in a regulatory filing.
On the last day of the bidding, the acquirers (promoters) shareholding stood at 87% against the statutory requirement of 90% or more. Prior to offer, the promoters were holding 74.56% stake.
The buyback offer opened on July 20 and closed on July 26. As per the regulations, the promoters have to make a post offer public announcement in this regard.
The board offered to buy back the shares at ₹1,201.30 apiece. On Wednesday, the shares lost ₹54.70, or 4.40% to close at ₹1,189.25 on the BSE.