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of <h1>Regulation 38B allows PSU equity delisting with special approval, fixed-price route, floor price formula and 15% premium requirement</h1> Regulation 38B permits delisting of equity shares of public sector undertakings (excluding banks, NBFCs and insurers) subject to modified application of the Delisting Regulations and these conditions: the acquirer(s) with other PSUs hold at least 90% of that class; shareholder approval by special resolution via postal ballot or e-voting with full disclosure; use of the fixed-price route; a floor price no less than the highest of (i) 52-week VWAP of acquisitions by the acquirer and persons acting in concert, (ii) highest acquisition price in the prior 26 weeks, and (iii) price from a joint valuation by two independent valuers; and an offer price at least 15% above that floor. If the company is struck off voluntarily between one year and one year plus 30 days after delisting, unpaid amounts to non-tendering public shareholders must be held by a designated exchange for seven years and thereafter transferred to the statutory investor education/protection fund or, failing that, the Board's investor protection fund, with claim and reimbursement mechanisms specified.
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