The equity shares of Matrix Laboratories, a subsidiary of Mylan Inc, USA, has been de-listed from Bombay Stock Exchange and National Stock Exchange from today as the public share holding has fallen below 10 per cent after the buy-back offer. MP Laboratories (Mauritius) (Acquirer), a wholly owned subsidiary of Mylan and one of the promoters of the company, had initiated voluntary delisting of the shares of the company from BSE and NSE in accordance with the SEBI (Delisting of Securities) Guidelines, 2003 during June 2009.
As at the end of June 2009, Mylan was holding 92.59 per cent of company's equity capital of Rs 31.27 crore. As per the buy-back offer, MP Laboratories has acquired Matrix's shares from public at a price of Rs 211 per share. Pursuant to the said delisting applications, trading in equity shares of the company has been discontinued with effect from August 14, 2009. The Matrix scrip was last quoted at Rs 209.75 on August 13, 2009 with 52-weeks peak level of Rs 227 and lowest at Rs 48.
As per the required under Clause 8.5 of the Delisting Guidelines, the Acquirer has undertaken to provide an exit opportunity at the Rs 211 to all the remaining residual shareholders. The Residual shareholders who have not tendered their shares in the delisting offer will be able to tender their offer shares to the acquirer at the exit price (Rs 211) at any time from August 21, 2009 till February 20, 2010.