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Matrix Labs surges 20% on delisting offer

Matrix Labs surges 20% on delisting offer
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First Published: Fri, Mar 27 2009. 10 17 PM IST
Updated: Fri, Mar 27 2009. 10 17 PM IST
Mumbai: Hyderabad-based drug maker Matrix Laboratories Ltd told the Bombay Stock Exchange (BSE) on Friday that MP Laboratories (Mauritius) Ltd has proposed a voluntary delisting offer.
MP Laboratories is a unit of US-based Mylan Inc. and a promoter of Matrix. Mylan acquired a 51.5% majority stake in August 2006.
Matrix’s share price surged 19.98% to close at Rs141.40 after it said Mylan will acquire the remaining 28.85% stake in the company.
The move will allow MP Laboratories to acquire the remaining public shareholding of Matrix and to delist the shares from BSE and the National Stock Exchange.
Matrix’s filing to the BSE also states that MP Laboratories has approved an indicative price of up to Rs150 a share. The price will be subject to MP Laboratories right to accept or reject any price discovered under the reverse book building process.
PTI contributed to this story.
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First Published: Fri, Mar 27 2009. 10 17 PM IST