Webinar

New Delisting Amendments: What really changes for dealmaking?

Friday, 05 July, 2024

3:00 pm (IST) | 5:30 am (EST) | 5:30 pm (SGT)

View Session Recording

Webinar

New Delisting Amendments: What really changes for dealmaking?

Friday, 05 July, 2024

3:00 pm (IST)
5.30 am (EST)
5.30 pm (SGT)

View Session Recording

About

In 2023, SEBI published a consultation paper on voluntary delisting norms, leading to recent amendments to the Delisting Regulations approved in SEBI’s board meeting on June 27, 2024. These amendments focus on several key changes: (a) introducing a fixed price delisting mechanism as an alternative to the existing reverse book building (RBB) process; (b) re-evaluating the counter offer framework; (c) incorporating “adjusted book value” as a parameter for determining the floor price; and (d) revising the reference date used in floor price calculations. Join us on Friday, July 05, 2024, as we delve into the nuances of these changes and gain deeper insights.

Please refer to our detailed analysis on SEBI’s most recent consultation paper of 2023 on delisting.

Agenda

  • Why was delisting a struggle and how do the new amendments help, if at all?
  • What is the fixed price delisting mechanism and why it may not work?
  • The new counter-offer mechanism and its efficacy?
  • Adjusted Book Value – A Gap Much Needed to be Filled for Asset-Heavy Companies?
  • Finally, is an “all or none” take private possible?
  • Why was delisting a struggle and how do the new amendments help, if at all?
  • What is the fixed price delisting mechanism and why it may not work?
  • The new counter-offer mechanism and its efficacy?
  • Adjusted Book Value – A Gap Much Needed to be Filled for Asset-Heavy Companies?
  • Finally, is an “all or none” take private possible?

Speakers

Payaswini Upadhyay

Payaswini Upadhyay

Counsel & Leader- Regulatory and Policy


Resolüt Partners

Payaswini is a leader in the firm’s regulatory and policy practice. A qualified lawyer and journalist, she has spent over a decade writing on securities law, governance, tax, company law and competition law issues. She has worked with the country’s leading business news publications including The Economic Times, CNBC TV18, Bloomberg Quint and NDTV Profit. She also briefly practiced competition law at one of India’s leading law firms.

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Shreyas Bhushan

Partner,


Resolüt Partners

Shreyas’ practice entails advising on cross-border PE, M&A and Structured Finance transactions from a legal, strategic and tax perspective. Shreyas also leads the public M&A and corporate governance practice at the firm, and has represented leading global funds and corporate houses on a broad range of matters such as PIPE deals, tender offers, take privates, business acquisitions, activist shareholder efforts and corporate governance issues.
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Ruchir Sinha

Managing Partner,


Resolüt Partners

Ruchir has 17 years of experience advising clients primarily on private equity, PIPE, M&A and structured finance transactions. With background in fund formation and tax, he has been involved in developing the first generation of asset-specific tax optimized investment platforms and managed accounts. He advises leading global financial sponsors, SWFs and other institutional investors on private equity and PIPE deals primarily focusing on financial services (BFSI), technology and infrastructure sectors, few of which have been recognized as most innovative by Financial Times, London.
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