Delisting of equity shares: framework requires reverse book building, escrow funding, and protections for remaining public shareholders. The Regulations prescribe procedures for voluntary and compulsory delisting, requiring board and shareholder approvals, appointment of a registered merchant banker as Manager to the offer, detailed public announcements and a letter of offer. Delisting from all exchanges mandates an exit opportunity via a reverse book building process to discover price, escrow funding by the acquirer, specified bidding and settlement timelines, options for indicative and counter offers, protections for remaining public shareholders including a one year tender window, and defined consequences and obligations for compulsory delisting and special categories of companies.
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Provisions expressly mentioned in the judgment/order text.
Delisting of equity shares: framework requires reverse book building, escrow funding, and protections for remaining public shareholders.
The Regulations prescribe procedures for voluntary and compulsory delisting, requiring board and shareholder approvals, appointment of a registered merchant banker as Manager to the offer, detailed public announcements and a letter of offer. Delisting from all exchanges mandates an exit opportunity via a reverse book building process to discover price, escrow funding by the acquirer, specified bidding and settlement timelines, options for indicative and counter offers, protections for remaining public shareholders including a one year tender window, and defined consequences and obligations for compulsory delisting and special categories of companies.
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