Pharmaceutical company TTK Healthcare on Thursday said it had received the necessary approvals to withdraw all the equity shares or delist from the National Stock Exchange (NSE), and BSE.

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Delisting is the removal of a listed security from a stock exchange. The delisting of security can be voluntary or involuntary and usually results when a company ceases operations, declares bankruptcy, merges, does not meet listing requirements, or seeks to become private.

In this case, TTK Healthcare has voluntarily decided to delist the company from the exchanges. Meanwhile, the floor price for the delisting has been set at Rs 1,051.31 per share.

In an exchange filing, TTK Healthcare said, “The due diligence report dated April 20, 2023, submitted by A K Jain & Associates, practising company secretaries, a peer review company secretary firm, in terms of Regulation '10(3) of SEBI Delisting Regulations, was reviewed and taken on record by the board.”

Set up in 1958, Chennai-headquartered TTK Healthcare is a totally integrated manufacturing and marketing group. Its consumer products division markets and distributes products that transcend categories; baby care (Woodward’s Gripe Water), personal care (Eva), home care (Good Home) and sexual wellness (Skore). Its Animal Welfare Division caters to the health and well-being of a wide range of animals such as cows and buffaloes, sheep and goats, poultry, dogs and cats, and fish and shrimp. Meanwhile, its food division is India’s first and largest manufacturer of extruded products (papad), under the brand name Fryums.

The share price of TTK Healthcare was trading nearly 1 percent higher at Rs 1,321, while the stock rallied 52 percent in the past month.

(Edited by : Vahishta Unwalla)

First Published:Apr 20, 2023 3:02 PM IST