The Board of Directors of Thyrocare Technologies Limited met today to discuss about the offer of Dr. A. Velumani, Chairman, Managing Director & CEO to acquire the shareholding of Nueclear Healthcare Limited, the wholly owned subsidiary.
The Audit Committee, which discussed the matter prior to the Board Meeting, had reviewed the valuation reports received from Karvy Investor Services Ltd. and noted the long gestation period of this business in terms of returns. The Committee also felt that accepting the offer of Dr. A. Velumani may result in dilution of his focus and time, which is not in the interest of the Company. In view of the above, the Audit Committee had recommended that it is not expedient to accept the offer of Dr. A. Velumani at this juncture.
The Board accepted the above recommendation of the Audit Committee.
Dr. A. Velumani, Mr. A. Sundararaju and Miss. Amruta Velumani, the promoter-directors, were not present during the discussion at the Audit Committee Meeting and at the Meeting of the Board of Directors.
Shares of Thyrocare Technologies Ltd was last trading in BSE at Rs.525 as compared to the previous close of Rs. 492.65. The total number of shares traded during the day was 10573 in over 732 trades.
The stock hit an intraday high of Rs. 530 and intraday low of 497.5. The net turnover during the day was Rs. 5467710.