Delisting

Delisting Reliance Cap one of last milestones towards acquisition: Hinduja

IndusInd International Holdings Ltd (IIHL) Chairman Ashok P Hinduja said the delisting of Reliance Capital is one of the last milestones towards the closure of the acquisition of the debt-ridden financial firm. "This is one of the last milestones towards the closure of this acquisition process", he said, while referring Reliance Capital approaching bourses for delisting of its shares as part of resolution process. Reliance Capital on Tuesday in a regulatory filing said it has approached the bourses for delisting of its shares as part of the resolution process. "The delisting is likely to be completed by the stock exchanges by the end of this month. Thereafter, the transaction is likely to be completed by February 10," said a person aware of the development. Reliance Capital had said it has in accordance with the approval of the monitoring committee, made applications to the BSE and the NSE for delisting of equity shares of the company, RCAP said in a regulatory filing. Besides, it

Reliance Capital approaches exchanges for delisting of its shares

Debt ridden-Reliance Capital (RCAP) on Tuesday said it has approached bourses for delisting of its shares as part of resolution process. The company has in accordance with the approval of the monitoring committee, made applications to BSE and NSE for delisting of equity shares of the company, RCAP said in a regulatory filing. Besides, it has also approached BSE for delisting of non-convertible debentures. Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as the successful suitor with a bid of Rs 9,650 crore for the resolution of RCAP. Later, the company paid Rs 200 crore to bolster RCAP solvency, which was over and above the bid amount. The National Company Law Tribunal (NCLT), Mumbai, on February 27, 2024, approved IIHL's resolution plan and subsequently extended the deadline for completion of the transaction to January 31, 2025. RCAP, registered as core investment company with the RBI, has several entities under it, including Reliance Nippon Life Insurance, Reli

Jaypee Infratech appoints new CFO to delist shares as part of insolvency

Jaypee Infratech's shares on the BSE are currently suspended. The company, as of May 24, is under the management of Suraksha Group, following NCLAT approval

Crypto exchange Binance seeks to slash size of $13 billion UK lawsuit

Lawyers representing BSV Claims, a vehicle set up to pursue the case, say the exchanges engaged in anti-competitive behaviour to delist BSV in 2019

Norges Fund Investment Bank of Norway supports ICICI Securities delisting

Amid Quantum Mutual Fund voting against the proposed delisting of ICICI Securities, the largest public shareholder Norges Fund Investment Bank has voted in favour of the proposal of the stock broking arm of ICICI Bank. The foreign fund, which holds nearly 3.25 per cent stake in ICICI Securities, voted in favour on Thursday, the first day of e-voting, as per the information posted on the website of Norges Fund Investment Bank. The e-voting will remain open till March 26. The move of the Norway-based Norges Bank provided a shot in the arm of ICICI Securities' plan to delist itself as it needs two-thirds of the public shareholders' support to pass the resolution. However, Quantum Mutual Fund, which holds a 0.09 per cent stake in ICICI Securities, voted against the resolution on Thursday. Quantum Mutual Fund opposed the delisting as it did not find the swap share ratio lucrative to the shareholders of ICICI Securities. As per the scheme of arrangement, shareholders of ICICI Securitie

Proxy companies give approval for ICICI Securities delisting bid

Move will see ISec become wholly-owned subsidiary of ICICI Bank

Shreyas Shipping opens delisting bid at Rs 400 a share, to close on Oct 17

Shreyas Shipping on Wednesday resumed its delisting offer at a counter offer price of Rs 400 per share and the offer will close on October 17. This is the second attempt at delisting after the company's shareholders had tendered shares at a price of Rs 890 per share as against the revised offer of Rs 375 apiece. The revised price was higher compared to the original price of Rs 338 per share announced early last month. Subsequently, the tendering was cancelled and the company decided to make a counter offer. As part of the delisting process, the counter offer bidding period for public shareholders of Shreyas Shipping at Rs 400 per share will start from October 11 and close on October 17, the parent company Transworld Holdings said in a note. The share price of the company was Rs 262 per share on May 19 (pre-delisting announcement) and the counter offer price is at a 52.7 per cent premium to the pre-announcement price. On a 60-day weighted average price, the floor price was Rs 292 a

Sebi notifies stricter delisting rules for non-convertible debt securities

With an aim to protect investors' interest, Sebi has notified a new framework prohibiting listed entities, with more than 200 non-QIB (qualified institutional buyer) holders of non-convertible debt securities, from delisting voluntarily. Under the new rule, the listed entity will have to obtain permission from all holders of non-convertible debt securities within 15 working days of receiving the notification of delisting. The present rule allows entities to delist by giving a prior intimation to the stock exchange about the meeting of the board of directors, where the proposal for a voluntary delisting is considered. Unlike equity, wherein approval by a threshold majority is sufficient for approval of delisting, in the new framework, approval of 100 per cent of the debt security holders has been mandated for delisting of debt securities. This is because, unlike equity which is a perpetual instrument, listed debt securities have a finite term to maturity. In its notification issued

Sebi proposes alternate mechanism to delist shares from stock exchanges

In addition, SEBI suggested a framework for companies that have shares held by investment-holding companies

Sebi sets reform agenda for FY24; proposes digital assurance, voting norms

Anxiety about governance not in anyone's interest, says Sebi chair in annual report address

ICICI Securities to be 100% subsidiary of ICICI Bank upon delisting

Public shareholders of the broking firm to get 67 shares of ICICI Bank for each 100 shares of ICICI Securities

Blackstone's delisting offer for India's R Systems International fails

The US investment fund failed to draw enough interest from public shareholders

Tata Consumer Products gets nod to delist its global depository receipts

Maker of Tata Tea announces net profit of Rs 352 crore

Tata Motors one of many as India Inc turns averse to ADRs and GDRs

Tata Motors joins growing list of domestic firms to delist ADR programme

Tata Motors confirms delisting from NYSE, termination of ADS programme

Tata Motors on Monday said the voluntary delisting of its American Depositary Shares, representing ordinary shares, from the New York Stock Exchange will become effective close of trading on January 23, 2023. After Monday, there will be no over-the-counter market trading of the American Depositary Shares (ADSs) in the US due to regulatory restrictions under the Indian law, Tata Motors said in a regulatory filing. The ADS holders can surrender their ADSs to the Depositary in exchange for the underlying ordinary shares of the company at any time on or prior to July 24, 2023, it added. Starting on or about July 25, 2023, the Depositary may sell the then remaining ordinary shares held on deposit upon the terms described in the notice of termination of ADS facility as provided for in the deposit agreement, it said. "The above action has no impact on the current listing status or trading of the company's equity shares on the BSE Limited and the National Stock Exchange of India Limited in

BF Investment hits 10% lower circuit as board defers delisting proposal

The stock had hit a multi-year high of Rs 462.10 on Wednesday, ahead of the board meeting, after it surged 58 per cent in four days

Tata Motors plans to delist American Depositary Shares from January

Tata Motors's stock remains listed on the BSE and the National Stock Exchange of India

Alibaba striving to maintain US listing amid SEC's delisting fears

Chinese e-commerce firm Alibaba said on Monday that it wants to keep its shares listed in both New York and Hong Kong, days after US regulators included it in a list of companies that may be delisted

US lists more Chinese firms to delist them from American exchanges

In a fresh crack down on Chinese companies, the US Securities and Exchange Commission (SEC) has added over 80 firms to its list that is likely to delist them from American exchanges, including China's JD.com, China Petroleum & Chemical Corp, JinkoSolar, Pinduoduo, Bilibili, electric maker NIO Inc and NetEase.

Delisting fears: China may let US in on audits of some companies

Companies such as quick service restaurant operator Yum China Holdings could be examples of those that the provision would apply to