Shares of Tilaknagar Industries fell to 1-month lows
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The Economic Times reports Allied Blenders and Distillers had walked out of the negotiations citing differences in valuation. Tilaknagar's enterprise value was pegged at 1,500 crore rupees. The company is negotiating a debt restructuring of 550 crore rupees and has a market capitalisation of 300 crore rupees.
Allied was to buy a majority stake and then come up with an open offer for Tilaknagar's shareholders, as per the original plan.
Tilaknagar fell 1.70 rupees, or 6.5 percent, to 24.50 rupees on the National Stock Exchange where 12.5 lakh shares were traded by 12 nooncompared with a 5-day average of 6.83 lakhs.
Tilaknagar's market capitalisation has halved over the last one year as the company grapples with a huge debt burden and eroding market share.
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Image credit: Indiatimes
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