Prabhat Dairy stock hit its 52 week high today after the firm said it would open buyback of shares from March 24 to get delisted from the bourses. The buyback of shares will close on March 31, 2021.
The stock rose up to 5.51% to Rs 98.55 against previous close of Rs 93.40 on BSE. The stock has risen 9.43% in the last 4 days. Prabhat Dairy share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock has gained 83.91% in one year and risen 27.92% since the beginning of this year. Later , the share closed 0.32% higher at Rs 93.70.
Market cap of the firm stood at Rs 915 crore.
In September 2019, Prabhat Dairy had proposed voluntary delisting of its shares after the company in a slump had sold 98 percent of its business.
Delisting of shares was announced at Rs 63.77, a discount to Rs 79.30, the price at which the company's shares were changing hands a day before the announcement. The company received nod of shareholders for delisting on October 14, 2019.
In October 2020, the firm requested Sebi for six-month extension for filing the final application for delisting, citing the nationwide lockdown that was imposed in March.
Under the Sebi norms, a firm is required to make the final application to stock exchanges for delisting within one year of passing the special resolution. Sebi gave an extension of six months to the special resolution passed by the shareholders for the delisting of the company till April 13, 2021, subject to certain conditions.