Shares of BF Investment climbed 20 per cent in Monday’s trade as the company board will consider and approve delisting of shares in a meeting on January 4. The company informed this in a BSE filing post market hours of December 30. Following the development, the scrip hit its 20 per cent upper circuit limit at Rs 350.10. With this, the stock has taken its 6-day winning run to 34 per cent.
BF Investment is a part of $2.5 billion Kalyani Group from Pune. It was formed by demerging investment business of BF Utilities by way of a Composite Scheme of Arrangement. Under the said business restructuring, Investment Business has been transferred to BF Investment.
In a filing to BSE, BF Investment said DGM Realties Private Limited, along with Ajinkya Investment and Trading Company and Sundaram Trading and Investment Private Limited, which are members of the promoter and promoter group of the company), will initiate the process of either individually or collectively, as the case may be, acquire all equity shares that are held by public shareholders.
The company said the promoters intend to voluntarily delist the equity shares from the stock exchanges where the equity shares are currently listed ie, BSE and National Stock Exchange of India.
The meeting on January 4 will take on record and review the due diligence report and the share capital audit report of the peer review company secretary in terms of the Delisting Regulations.
“The company board will consider and approve or reject the delisting proposal after discussing and taking into account various factors and the peer review company secretary’s due diligence report; and
consider other matters incidental thereto or required in terms of the delisting regulations, including seeking shareholders’ approval, as may be required,” the company told BSE.
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