Financial stocks hit 20% upper circuit as board to consider delisting plan this week

 

• BF Investments shares touched upper circuit level of 20% on BSE, rising up to ₹350 per share

Shares of BF Investments Limited (BFIL) touched upper circuit level of ₹350 per share on BSE in early trading session on Monday as the company informed that its board will meet this week to consider Wednesday, January 4, 2022. Will hold a meeting for Proposal for voluntary delisting of the equity shares of the company from the stock exchanges.

The company said this was in reference to the preliminary public announcement dated December 30, 2022 made by DGM Realty Pvt Ltd through Ajinkya Investment & Trading Company and Sundaram Trading & Investment Pvt Ltd, who are the promoters and members of the promoter group. The Company, Axis Capital Limited, through the Offer Manager, to initiate the process, either individually or collectively, as the case may be, for acquiring all the Equity Shares held by the Public Shareholders and consequently listing them on the Stock Exchanges Voluntarily delist the equity shares from where the equity shares are currently listed i.e. BSE Limited and National Stock Exchange of India Limited (NSE).

Therefore, the Board meeting on January 4, 2023 will take on record and review the due diligence report and peer review, discuss the Share Capital Audit Report of the Company Secretary and consider and approve/reject the delisting proposal after considering other relevant matters . or as required in terms of delisting regulations, including obtaining approval of the shareholders, as may be required, it added.

BF Investment Limited (BFIL) is a part of Pune based Kalyani Group. BFIL was formed by demerging the investment business of BF Utilities Ltd through an overall scheme of arrangement. Under the said business restructuring, the investment business was transferred to BF Investments Limited.

The said shares are listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE) with effect from January 14, 2011. Investing in group companies. The financial stock has gained nearly 7% over a one-year period, and is up more than 183% since its listing in January 2011.