sebi:WTM/PS/55/CFD/DEC/2014
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Facts / Headnote
Extension granted - two months time from date of order to complete delisting process
Provisions invoked
- s. 19
- s. 12A
Regulations
- Reg. 17
Holding
SEBI granted two months time from the date of the order to complete the delisting process from BSE, modifying the second order dated February 25, 2014. The directions in paragraphs 17(a), (c) and (d) of the interim order dated June 04, 2013 shall continue until delisting or MPS compliance, whichever is earlier.
Full text
Page 2 of 4 a. The reverse book building process for the delisting offer was opened on July 18, 2014 and completed on July 24, 2014. The exit price was fixed by the Acquirers for accepting the equity shares validly tendered under the delisting offer. b. The delisting offer in terms of Regulation 17 of the SEBI (Delisting of Equity Shares) Regulations, 2009 (hereinafter referred to as 'Delisting Regulations'), was successful and a total of 90,200 equity shares have been validly tendered at or below the fixed exit price, which was higher than the minimum number of equity shares required to be acquired for the success of delisting offer. Post offer the holding of the promoters and promoter group is 97.50%. c. The Company has made public announcement in the newspaper on August 04, 2014, about the success of the delisting offer. d. The payment process to the public shareholders whose shares have been accepted in the reverse book building process and returning of all equity shares which were not accepted has been completed by the Acquirers by August 08, 2014. e. The Company also said that it is in the process of filing the application to BSE for obtaining the final delisting order.
Page 3 of 4 6. I have considered the submissions and steps taken by the Company in compliance with the order of SEBI dated February 25, 2014, wherein the Company was permitted to delist its shares in accordance with the provisions of the Delisting Regulations within a period of five (5) months from the date of the second order. I note that the Company had completed the reverse book building process for the delisting of shares by July 24, 2014. The Company has said that the payment to the public shareholders for acquiring validly tendered shares was completed within ten working days from the date of closure of the delisting offer as prescribed under the Delisting Regulations. The Company has also submitted that it has filed its application with BSE for the final delisting order.
Page 4 of 4 ii. The directions contained in paragraphs 17(a), (c) and (d) of the interim order dated June 04, 2013 shall continue to be in effect till such time the Company is delisted from the stock exchanges or till the time the Company becomes compliant with the MPS norms, whichever is earlier.
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Source: SecMarx — sebi:WTM/PS/55/CFD/DEC/2014. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.