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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The markets have rewarded investors for resisting recent attempts by promoters to go private, but they do expose the downside of SEBI’s pricing mechanism for buyback offers.
Editor's note: Last Saturday, Adani Power notified stock exchanges of its intention to withdraw its application to delist from the stock markets. Its shareholders had approved the move to delist back in June 2020. The company submitted its application to the exchanges for their approval in January 2021. But the exchanges did not give the company the go-ahead to voluntarily delist. Adani Power cites this (and the delay) as a reason for withdrawing its application. Adani Power had mooted the decision to delist in May 2020, when its shares had plunged, in line with the broader market that had fallen sharply since March in the wake of the pandemic. With as much as 50% of its value shaved off, the company announced a buyback of its stock from investors at a floor price of Rs 33.82 a share, a discount to the then prevailing market price of Rs 38. The shares now trade at close to Rs 400. A surge in Adani Power shares happened soon after the open offer was announced, with the price rising 200% in the next 12 months …
The markets have rewarded investors for resisting recent attempts by promoters to go private, but they do expose the downside of SEBI’s pricing mechanism for buyback offers.
Editor's note: Last Saturday, Adani Power notified stock exchanges of its intention to withdraw its application to delist from the stock markets. Its shareholders had approved the move to delist back in June 2020. The company submitted its application to the exchanges for their approval in January 2021. But the exchanges did not give the company the go-ahead to voluntarily delist. Adani Power cites this (and the delay) as a reason for withdrawing its application. Adani Power had mooted the decision to delist in May 2020, when its shares had plunged, in line with the broader market that had fallen sharply since March in the wake of the pandemic. With as much as 50% of its value shaved off, the company announced a buyback of its stock from investors at a floor price of Rs 33.82 a share, a discount to the then prevailing market price of Rs 38. The shares now trade at close to Rs 400. A surge in Adani Power shares happened soon after the open offer was announced, with the price rising 200% in the next 12 months …
The Bengaluru-based contract manufacturer lands in legal hot water with the California-headquartered transformer startup over a trade secret dispute.
The Rs 250 SIP was launched last year by the former SEBI chairperson with one clear goal: financial inclusion. More than a year later, the much-hyped scheme doesn’t seem to have caught on with MF investors.
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
The Bengaluru-based contract manufacturer lands in legal hot water with the California-headquartered transformer startup over a trade secret dispute.
The Rs 250 SIP was launched last year by the former SEBI chairperson with one clear goal: financial inclusion. More than a year later, the much-hyped scheme doesn’t seem to have caught on with MF investors.
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
