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New Delisting Regime: Key Highlights

The Securities and Exchange Board of India (“SEBI”) has amended the SEBI (Delisting of Equity Shares) Regulations, 2021 (“Amendment”). The new regime introduces fixed price delisting as an option for take-private transactions. In addition to the reverse book building (“RBB”) route, existing promoters can now use this new route, depending on the viability based on case specific nuances to take their listed entity off the exchange. The key parameters are summarised below:Continue Reading New Delisting Regime: Key Highlights

Rights Issue – Is the Board’s Discretion to Allot Unsubscribed Shares Absolute?

Introduction

Rights issue, as the term denotes, is the recognition of an inherent right of an equity shareholder against dilution of his shareholding in the company. It is a pre-emptive right of the equity shareholder to subscribe to his proportionate share in all further issuance of equity shares.Continue Reading Rights Issue – Is the Board’s Discretion to Allot Unsubscribed Shares Absolute?

Amendments to the SEBI Delisting Regulations – A Welcome Move

Pursuant to the discussion paper on delisting of equity shares floated by the Securities and Exchange Board of India (SEBI) on July 26, 2018, SEBI has recently amended the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations) and has accordingly notified the Securities and Exchange Board of India (Delisting of Equity Shares) (Second Amendment) Regulations, 2018 (Amended Delisting Regulations) on November 14, 2018. The aim of the amendment is to plug loopholes in the delisting process considering the interests of the promoters/acquirers and public shareholders.
Continue Reading Amendments to the Delisting Regulations – A Welcome Move