Integrated Financial Services Ltd. Delisting Offer
Mr. Subhash Chander Khaneja has made an offer to buy-back up to 15,25,808 equity shares of Integrated Financial Services Ltd. at a floor price of Rs. 32.54 per equity shares through a reverse book-building process (delisting of shares). You can apply for this offer at the floor price or above it, between 19th May 2021 to 25th May 2021.
Read on to know how you can apply for this offer quickly and easily -
What is a reverse book-building process (delisting of shares)?
A company can delist its shares through a buy-back using the reverse book building process. In this process, the company captures sell orders online from shareholders at various prices, above or equal to the floor price. And once the offer window closes the buy-back price is determined. To know more about this click here.
What does this offer mean for Integrated Financial Services Ltd. shareholders?
Reverse book-building or delisting of shares gives existing shareholders a chance to offer their shares at or above the floor price, through an online bidding system. This means existing shareholders of Integrated Financial Services Ltd. can opt to sell their shares at a price higher or equal to Rs. 32.54.
How to apply for a delisting?
Just follow these steps:
- Login into keystone.upstox.com with your client code and back-office password
- Click on “Account” on the top of the header line
- Click on “Buy Back/ Takeover” from the drop-down
- Click on “Apply” and enter the quantity
- Submit the request
Note: Non-POA holders will need to enter a valid pin to authenticate the takeover via EDIS to proceed.
When can you apply?
Apply for this before 2 PM on 25th May 2021.
What to keep in mind while applying?
- You shouldn’t sell these shares on or before 25th May 2021 if you’re interested to take part in this offer.
- After applying and offering your shares you cannot sell them in the market and modify or cancel your original bid.
- You can only sell these shares in the market If the company cancels the offer and you receive your shares back from the company.
- You will receive the offer amount for the shares from Integrated Financial Services Ltd./ Registrar & Transfer Agent (RTA) directly into your bank account (this will be updated in the records of the depository as well).
- A total of 15,25,808 shares will be accepted by Integrated Financial Services Ltd. for the buy-back and the remaining shares not accepted by Integrated Financial Services Ltd. will be returned back to shareholders in their Demat account.
- Integrated Financial Services Ltd. will credit the payment for the accepted shares and the unaccepted shares will be returned to the user's Demat accounts within 10 days from the date of offer closure i.e. 25th May 2021.
- The percentage of shares accepted will be decided based on the number of retail investors who have applied for the offer.
That’s all about the Integrated Financial Services Ltd. delisting, stay tuned for more updates from Upstox!