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Shares of BF Investment Ltd (BFIL) tanked to hit the lower circuit level of 10% on the BSE to 413 apiece in Thursday's trading session as the company informed that its board at its meeting held on Wednesday did not approve the proposal for the delisting of the equity shares of the company from the stock exchanges. 

The stock has gained over 44% in the five trading sessions, pushed by the company's announcement last week on December 30, that its board would meet on January 4, 2023, to consider a delisting proposal.

However, BF Investment in an exchange filing yesterday said that “as per Regulation 4(2) of the Delisting Regulations, no acquirer (which includes the promoter and member(s) of the promoter group) who has sold any equity share(s) 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."

And 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 De listing Regulations, 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.

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, initiated 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, the company had informed last week.

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 26% in a year's period.

 

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