Examples of Delisting Regulations in a sentence
The delisting offer (the “Delisting Offer”) involves a price discovery mechanism, which is known in India as a “Reverse Book Building Process.” The offer price (the “Offer Price”) (i.e., the price at which the Shares of the Public Shareholders are to be purchased pursuant to the Delisting Offer) is determined after establishment of a statutorily prescribed “floor price,” which is determined in accordance with Delisting Regulations.
The votes cast by the Public Shareholders in favour of the Delisting Proposal were 250.65 times the number of votes cast by Public Shareholders against it i.e. more than two times the number of votes cast by Public Shareholders against it as required under the Delisting Regulations.
The Manager to the Offer is empowered to realise the value of the aforesaid bank guarantee in terms of the Delisting Regulations.
On determination of the Exit Price and making of the public announcement under regulation 18 of the Delisting Regulations, the Promoters shall ensure compliance with regulation 11(2) of the Delisting Regulations.
The total number of Offer Shares validly tendered by the Public Shareholders in the Delisting Offer was 1,25,47,16,610 Offer Shares, which was less than the minimum number of Offer Shares required to be accepted by the Acquirers in order for the Delisting Offer to be successful in terms of Regulation 17(1)(a) of the Delisting Regulations.
The Promoters also considered certain potentially negative factors associated with the Delisting Offer over another compliance option permitted by the Delisting Regulations.
As required under regulation 14(3) of the Delisting Regulations, holders of ADSs cannot participate in the bidding process directly, but must instead, if they wish to participate, redeem the ADSs and receive the underlying Shares, and then subsequently participate in the Delisting Offer.
Pursuant to the Delisting Regulations, on a date specified in the final approval of the BSE and NSE pursuant to an application filed by the Company under Regulation 8(1)(d) of the Delisting Regulations, the Shares will no longer trade on the BSE and the NSE.
Thus, the Delisting Offer is deemed to have failed in terms of Regulation 19(1) of the Delisting Regulations.
Based on above, the Floor Price is Rs. 356.74 (Rupees Three Hundred and Fifty Six and Paisa Seventy Four Only) in terms of regulation 15 (2) of the Delisting Regulations.