shares of BF Investment It jumped 75.34% from December 23, 2022 to January 4, 2023. They each reached a high of £462.65.
The company’s share price fell 10% on Thursday 5 January 2023, pegging at Rs 412.55 on the National Stock Exchange (NSE) and Rs 413.65 on the Bombay Stock Exchange (BSE).
The exchange had asked for an explanation as to why the company’s stock price suddenly rose in such a short period of time.
The company acknowledges that it has received the first official announcement dated December 30, 2022 by DGM Realties Private Limited, Ajinkya Investment and Trading Company and Sundaram Trading and Investment Private Limited, members of the promoters and promoters group of BF Investments. clarified. exclusive. These parties, through the manager of the tender offer, Axis Capital Limited, have expressed their intention to voluntarily delist the shares of the Company (“Initial Public Announcement”).
In addition, the company appointed SVD & Associates, a peer-reviewed company secretary, to conduct due diligence and other applicable provisions of the Delisting Rules. The board met on January 4, 2023 and approved or rejected the proposal.
The company posted a due diligence report issued and filed by SVD & Associates, which found that one of its promoters and promoter group members sold 400 shares in the company on June 29, 2022. said in the exchange document.
Once the first public announcement is made, due diligence will be conducted during which the company’s Beneficiary Position Data (“BENPOS”) will be checked. She cannot propose delisting the company because the founder and one of the members of the founder’s group sold her shares within his six months.
In view of the above and as a matter of due diligence and good governance, to ensure compliance with Rule 4(2) of the Delisting Rules, the Delisting Proposal was not approved by the Board of Directors.
Pursuant to Rule 4(2) of the Delisting Rules of the Securities and Exchange Board of India (SEBI), the acquirers, including promoters and promoter group members, have not sold their shares in the company. He has six months from the date of the first public announcement to propose delisting the shares of the company.
Written by Simran Bahuna
Disclaimer
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