The shares of BF Investment Ltd hit an upper circuit of 20 percent at Rs 350.50 levels on the first trading day of the year 2023. The shares soared after the company announced that its board is set to meet on Wednesday, January 4th, 2023 to consider a delisting proposal.
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 have expressed their intention to delist the Equity Shares from the stock exchanges voluntarily.
As of the date of writing the article, the promoters of the company hold a 74.13 percent stake in the company. Ajinkya Investment and Trading Company holds a 27.32 percent stake while Sundaram Trading and Investment Private Limited hold a 26 percent stake.
“The company board will consider and approve or reject the delisting proposal after discussing and taking into account various factors and the peer review company secretary’s due diligence report; and consider other matters incidental thereto or required in terms of the delisting regulations, including seeking shareholders’ approval, as may be required,” the company told BSE in its filing.
According to the filing, the rationale behind the delisting is to shift the focus of the management toward the core operations of the business, from the compliance rule and regulations that a listed company has to follow.
BF Investment Ltd, part of the Kalyani Group, was formed by demerging the investment business of BF Utilities by way of a Composite Scheme of Arrangement. Under the said business restructuring, Investment Business has been transferred to BF Investment.
Written by Anoushka Roy
Disclaimer
The content in this news article is not investment advice. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
