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The regulator amends delisting rules to add special provisions for delisting equity shares of public sector undertakings (excluding banks, NBFCs and insurers). Delisting is permitted via fixed-price offers where the acquirer and other public sector undertakings hold at least 90% of the class, is approved by shareholders by special resolution (postal ballot/e-voting with full disclosure), and the floor price equals the highest of 52-week VWAP, 26-week highest acquisition price, or a joint valuation; the delisting price must be at least 15% above that floor. If voluntary strike-off occurs in the narrow window just after one year from delisting, unpaid amounts for remaining public shareholders must be held by the designated exchange for seven years and thereafter transferred to investor protection funds, with reimbursement procedures for the exchange.
The regulator amends delisting rules to add special provisions for delisting equity shares of public sector undertakings (excluding banks, NBFCs and insurers). Delisting is permitted via fixed-price offers where the acquirer and other public sector undertakings hold at least 90% of the class, is approved by shareholders by special resolution (postal ballot/e-voting with full disclosure), and the floor price equals the highest of 52-week VWAP, 26-week highest acquisition price, or a joint valuation; the delisting price must be at least 15% above that floor. If voluntary strike-off occurs in the narrow window just after one year from delisting, unpaid amounts for remaining public shareholders must be held by the designated exchange for seven years and thereafter transferred to investor protection funds, with reimbursement procedures for the exchange.
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