The Bombay Stock Exchange (BSE) will delist 17 companies today, according to a report by MoneyControl. These companies will be delisted on account of the fact that their shares have been suspended for over half a year.
BSE had released a circular to this effect, stating that these companies would be delisted effective August 21 2018.
The companies which will be delisted include Baroda Electric Meters, Associated Marmo & Granites, Bihar Air Products, Graphic Charts, Cana Glass, IAG Company, Mahavir Impex, Kiev Finance, Neelkanth Motels & Hotels, Realtime Finlease, Prithvi Information Solutions, Sibar Media & Entertainment, Sundar Industries, Graham Firth Steel Products India, Valuemart Retail Solutions, Yule Financing & Leasing Company, and Spartek Ceramics India.
BSE will not list these shares on its platform, which in turns implies that they will not be on offer for trading.
The promoters of the above listed firms will have to buy back any shares which public shareholders have. This purchase is to be done at the value computed by an independent valuer (who will be appointed by BSE).
In addition to this, the promoters and full-time directors of the delisted firms will not have access to the securities market for 10 years.
Sources: Moneycontrol, Economic Times