Floor price requirement for delisting tightened; fixed price delisting added with valuation, escrow and acceptance thresholds. Amendments create a separate fixed delisting price process alongside reverse book building, redefine floor price methodology (regulation 19A) prescribing multiple valuation metrics and an adjusted book value formula, and require an interest-bearing escrow with 25% initial deposit and 75% pre-announcement deposit of total consideration. Fixed price delisting requires the fixed price to be at least fifteen percent above the floor, applies only to frequently traded shares, and mandates acceptance if acquirer plus tenders reach ninety percent. Counter-offer and procedural timelines are clarified, and a special scheme-based delisting route for Investment Holding Companies is prescribed with valuation, disclosure, voting, compliance, and relisting conditions.
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Floor price requirement for delisting tightened; fixed price delisting added with valuation, escrow and acceptance thresholds.
Amendments create a separate fixed delisting price process alongside reverse book building, redefine floor price methodology (regulation 19A) prescribing multiple valuation metrics and an adjusted book value formula, and require an interest-bearing escrow with 25% initial deposit and 75% pre-announcement deposit of total consideration. Fixed price delisting requires the fixed price to be at least fifteen percent above the floor, applies only to frequently traded shares, and mandates acceptance if acquirer plus tenders reach ninety percent. Counter-offer and procedural timelines are clarified, and a special scheme-based delisting route for Investment Holding Companies is prescribed with valuation, disclosure, voting, compliance, and relisting conditions.
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