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of <h1>Regulator adds special delisting rules for public sector undertakings requiring 90% public ownership and fixed-price, 15% above floor</h1> The regulator amended delisting rules by adding special provisions for delisting equity of public sector undertakings (excluding banks, NBFCs and insurers). Delisting may occur if the acquirer and other public sector undertakings hold at least 90% and shareholders approve by special resolution via postal ballot or e-voting; the process must be fixed price. The floor price is the highest of 52-week VWAP of acquisitions, highest acquisition price in 26 weeks, or a joint valuation by two registered valuers, and the delisting price must be at least 15% above that floor. If the company is struck off within a narrow post-delisting window, 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 prescribed by the regulator.
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