Home / Markets / Stock Markets /  Financial stock hits 20% upper circuit as board to consider delisting plan this week

Shares of BF Investment Ltd (BFIL) surged to hit the upper circuit level of 20% on the BSE to 350 apiece in Monday's early trading session as the company informed that its board will meet this week on Wednesday, January 4, 2022 to consider the proposal for voluntary delisting of the equity shares of the company from the stock exchanges.

The company said that it was in reference to the initial public announcement dated 30 December 2022 made by DGM Realties Private Limited, along with Ajinkya Investment and Trading Company and Sundaram Trading and Investment Private Limited, who are members of the promoter and promoter group of the company, through Axis Capital Limited, Manager to the Offer, to initiate the process of either individually or collectively, as the case may be, acquire all equity shares that are held by public shareholders and consequently voluntarily delist the Equity Shares from the stock exchanges where the Equity Shares are presently listed i.e., BSE Limited and National Stock Exchange of India Limited (NSE).

Therefore, the meeting of the board on 4 January 2023 will take on record and review the due diligence report and the share capital audit report of the peer review company secretary, consider and approve / reject the Delisting Proposal after discussing and consider other matters incidental thereto or required in terms of the Delisting Regulations, including seeking shareholders’ approval, as may be required, it added.

BF Investment Ltd. (BFIL) is a part of Kalyani Group from Pune. BFIL was formed by demerging Investment Business of BF Utilities Ltd by way of a Composite Scheme of Arrangement. Under the said business restructuring, Investment Business had been transferred to BF Investment Ltd.

The said shares listed on Bombay Stock Exchange Ltd. (BSE) and National Stock Exchange of India Ltd. (NSE) with effect from January 14, 2011. BFIL is holding investments in various Kalyani Group companies, which is primarily engaged in the business of making investments in group companies. The financial stock has gained about 7% in a year's period, and has surged over 183% since its listing in January 2011.

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