Sebi Monday granted certain exemptions to REIL Electricals for delisting its shares, citing various reasons, including the company's poor financial condition.
The ruling has come on a plea made by the company in March 2018 seeking exemptions from certain regulatory requirements for delisting.
Under voluntary delisting rules, the post offer promoter shareholding must be a minimum of 90 per cent and at least 25 per cent of the public shareholders should be tendering their shares in demat form.
Currently, 98.19 per cent shares of REIL are with its promoters and the rest is with public shareholders.
Sebi has granted relaxation to the company from the applicability of
Further, the process of voluntary delisting is hampered by the fact that public shareholders are, admittedly, not traceable, the regulator said, adding that the
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