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Dilution of voluntary delisting norms a blow to minority shareholders

Money Control

Money Control · 1y ago

Dilution of voluntary delisting norms a blow to minority shareholders

SEBI (Securities and Exchange Board of India) has approved an alternative delisting mechanism for promoters of listed companies in India. This new fixed price process is in addition to the existing reverse book-building process, providing more options for companies. However, minority shareholders may face disadvantages under the new scheme. The decision was made during a recent board meeting of SEBI.

Related News

NCLAT issues notice to ICICI Securities in delisting case | Mint

Livemint

Livemint · 10m ago

NCLAT issues notice to ICICI Securities in delisting case | Mint

- NCLAT issues notice to ICICI Securities following appeal by minority shareholders against delisting approval. - Minority shareholders own 0.002% and 0.08% of ICICI Securities' equity share capital. - NCLT had dismissed objections filed by minority shareholders against delisting in August. - ICICI Securities challenges the maintainability of the petition filed by minority shareholders. - Bench agrees to hear the appeal on its merits. - ICICI Securities announced delisting plan and merger with parent ICICI Bank in June 2023.

NCLT approves delisting of ICICI Securities, dismisses minority shareholders' petition

YourStory

YourStory · 1y ago

NCLT approves delisting of ICICI Securities, dismisses minority shareholders' petition

The National Company Law Tribunal (NCLT) in Mumbai has approved the delisting application of ICICI Securities from the stock exchanges and has rejected objections from minority shareholders Quantum Mutual Fund and Manu Rishi Gupta. Under the scheme of arrangement, ICICI Securities shareholders will receive 67 shares of ICICI Bank for every 100 shares they hold. Following the delisting, ICICI Securities will become a wholly-owned subsidiary of ICICI Bank. In a separate development, ICICI Securities has settled a case with SEBI by paying Rs 69.82 lakh for an alleged violation of regulatory norms.

Sebi to introduce special measures to facilitate voluntary delisting of certain PSUs

Economic Times

Economic Times · 2m ago

Sebi to introduce special measures to facilitate voluntary delisting of certain PSUs

Markets regulator Sebi is set to introduce measures to facilitate voluntary delisting of public sector undertakings (PSUs) where the government holds 90% or more shares. These measures include relaxations in delisting approval thresholds and floor price computations, addressing financial burdens due to current pricing norms. PSUs, except banks, NBFCs, and insurers, can delist at a fixed price with a 15% premium over the floor price. This initiative aims to ease delisting burdens for PSUs with minimal public float.

NCLT approves delisting of ICICI Securities, dismisses plea raising objection | Mint

Livemint

Livemint · 10m ago

NCLT approves delisting of ICICI Securities, dismisses plea raising objection | Mint

- The National Company Law Tribunal in India has approved ICICI Bank's application for delisting its financial broking arm, ICICI Securities, from the stock exchanges. - The tribunal dismissed two objections to the delisting scheme while approving it, and a detailed order on the matter is awaited. - ICICI Securities had announced its plan to delist and merge with ICICI Bank in June 2023, which was approved by shareholders in March 2024. - As per the delisting plan, shareholders were to receive 67 shares of ICICI Bank for every 100 shares of ICICI Securities held. - Minority shareholders expressed concerns about the low value and share-swap ratio, questioning the fairness of the deal. - The Reserve Bank of India approved the delisting of ICICI Securities and its transformation into a wholly-owned subsidiary of ICICI Bank, subject to certain conditions.

ICICI Securities gets shareholder nod to delist, setting up merger with ICICI Bank

VCCircle

VCCircle · 1y ago

ICICI Securities gets shareholder nod to delist, setting up merger with ICICI Bank

ICICI Securities has received approval from shareholders to delist its stock, moving closer to merging with its parent company, ICICI Bank. The vote saw 71.9% of minority shareholders in favour of delisting. Public institutional investors holding 16.68% of the company backed the move, but only 32% of non-institutional shareholders approved. ICICI Bank, which currently holds a 75% stake in the brokerage, will pay around INR59bn ($707.9m) to acquire the remaining 25% in a share-swap deal. Some minority investors have expressed discontent with the offer price, which is 2% less than the stock's last closing price.

Russia-backed refiner Nayara lines up $217.5-mn share buyback

VCCircle

VCCircle · 5m ago

Russia-backed refiner Nayara lines up $217.5-mn share buyback

Russia-backed Nayara Energy, majority-owned by Russian entities including Rosneft, has announced a $217.5-million share buyback to assist minority stakeholders in exiting the delisted company. This follows Rosneft's $13-billion acquisition of Nayara, formerly Essar Oil, in 2017. Nayara will offer Rs 731 per share to over 200,000 minority shareholders who missed previous delisting offers. Rosneft and a consortium own nearly equal stakes in Nayara, which operates a major refinery and fuel stations in India.

Shareholders of ICICI Securities lodge lawsuit with NCLT over delisting proposal

Livemint

Livemint · 1y ago

Shareholders of ICICI Securities lodge lawsuit with NCLT over delisting proposal

A group of shareholders, led by a Bengaluru-based investment manager, has initiated proceedings with the National Company Law Tribunal regarding ICICI Bank's proposal to remove its broking subsidiary, ICICI Securities, from Indian stock exchanges. This comes after approximately 72% of shareholders approved the merger of ICICI Securities with its parent company. ICICI Bank has faced criticism for allegedly persuading minority shareholders to support the delisting of the brokerage division. Quantum Mutual Fund and the capital markets regulator, Sebi, are considering legal action against the bank. ICICI Securities reported strong financial results in the fourth quarter.

NCLT defers ICICI Securities delisting case to July

Livemint

Livemint · 1y ago

NCLT defers ICICI Securities delisting case to July

The National Company Law Tribunal (NCLT) has postponed the ICICI Securities case brought by non-institutional minority shareholders challenging its delisting and merger with ICICI Bank. Over 100 shareholders filed a class-action lawsuit, claiming dissatisfaction with the valuation and the company being taken private after just six years. ICICI Securities contested the maintainability of the case, citing jurisdictional issues. The petitioners also alleged that the shareholder vote was compromised by interference from ICICI Bank employees. The case will now be heard in July.

SEBI warns ICICI Bank over investor outreach for unit's delisting

VCCircle

VCCircle · 1y ago

SEBI warns ICICI Bank over investor outreach for unit's delisting

India's markets regulator, SEBI, has issued a warning to ICICI Bank over its employees contacting shareholders of ICICI Securities to encourage them to vote in favor of the unit delisting from stock exchanges. ICICI Securities, a subsidiary of ICICI Bank, received shareholder approval for delisting in March. SEBI received multiple complaints regarding ICICI Bank's attempts to persuade ICICI Securities' shareholders, prompting the warning letter. SEBI argued that the bank's outreach created a conflict of interest, calling the situation serious.

Sebi board to discuss changes in ESOP rules for startup founders and PSU delisting

Economic Times

Economic Times · 2m ago

Sebi board to discuss changes in ESOP rules for startup founders and PSU delisting

The SEBI board is considering allowing startup founders to hold onto employee stock options (ESOPs) even after their companies go public, along with introducing a mechanism for the voluntary delisting of public sector companies (PSUs). Currently, rules mandate that founders, classified as promoters during IPOs, cannot receive ESOPs. Addressing concerns over misuse, a one-year cooling-off period before IPOs is proposed. For PSUs, a separate delisting approach is suggested for those with government holding over 90%.

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