BF Investment delisting deferred

Kalyani Group company BF Investment’s board has deferred the voluntary delisting of the company. Prior to the issuance of the initial public announcement, the beneficiary position data (BENPOS) of the company showed that one of the members of the company’s promoter group had sold 400 equity shares of the company on June 29, 2022.

As per Regulation 4(2) of the Delisting Regulations, no acquirer, including the promoter and members of the promoter group, who has sold any equity shares of the company during the period of six months prior to the date of the initial public announcement, can propose delisting of equity shares of that company.

“As a matter of abundant caution and good governance, the delisting proposal was not approved by the board to ensure compliance with Regulation 4(2) of the Delisting Regulations,” BF Investment said.

The promoter group comprising DGM Realties, along with Ajinkya Investment and Trading Company and Sundaram Trading and Investment, was planning to acquire shares of BF Investment held by public shareholders. The promoter group holds 74.13% (27,922,726 equity shares) of the paid-up equity share capital of the company.

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The BF Investment shares had hit a 20% upper circuit limit at Rs 420.10 when the proposed delisting was announced. After the company deferred the delisting, the stock fell by 10% on Thursday to Rs 413.65 on the BSE.