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DELISTING OF RELIANCE CAPITAL SHARES

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ABOUT THE DELISTING OF SHARES

Delisting of shares simply refers to the removal of shares from the recognized stock exchanges BSE and NSE, it means that the buying and selling of the stock has been permanently stopped and no further trading will take place in the concerned stock on any of the exchanges. There are various reasons behind the delisting of shares; some of them are mergers and acquisitions, buyback or bankruptcy, etc.

DELISTING OF RELIANCE CAPITAL

Followed by severe governance issues and payment defaults, the (RBI) Reserve Bank of India intervened in the matter in November 2021 and took over the board of Reliance Capital Limited. Moving further ahead the RBI has filed a petition request to initiate the corporate insolvency resolution process (CIRP) for Reliance Capital Limited. By the order of the NCLT and SEBI (delisting of equity shares) Regulations 2021, the company Reliance Capital Limited (RCL) in an exchange regulatory filing on Wednesday announced that the existing equity shares of the company in which trading is taking place publicly shall be delisted from both the exchanges as part of the approved resolution plan.

The liquidation amount for reliance capital equity shareholders is equal to zero or nil. This means that the shareholders of Reliance Capital shall be eligible for zero or nil payment after the process of liquidation. As per the regulatory filing by the RCL (Reliance Capital Limited) for the financial year 2023 the total assets of the company was 12,142.14 Crore Rupees.IIHL (Indusind Holdings Limited) along with its nominees will become the only stakeholder and the owner of Reliance Capital Limited.

CONCLUSION

IIHL’s submitted proposal includes an upfront cash payment of Rupees 9,650 crore Rupees accounting for 37.03% of the total amount initially claimed. Also, the approvals from SEBI and RBI are likely to come in by next week. The deal is also subject to the sale of shares of Reliance Home Finance Limited which was also owned by Reliance Capital.

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