Public M&A: New Delisting Norms – What is the Excitement Really About?

  • SEBI’s Consultation Paper proposes a comprehensive review of counter-offer mechanism,
    counter-offer price discovery mechanism, fixed price mechanism, floor price and reference date

  • Fixed price delisting, largely regarded as a welcome move, fails to excite us and appears lackluster against the present reverse book building mechanism due to absence of a counter-offer mechanism

Public M&A: Are Warrants attractive price protection instruments?

  • Recent SEBI informal guidance to Paramount clarifies ambiguity on holding periods for warrants
  • Though warrants could be listed, listed warrants are almost non-existent
  • Unlisted warrants cannot be transferred (no matter how long they’ve been held for)
  • Shares received upon conversion of warrants are locked-in for 6 months, but unlike
    other convertibles, the…

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