The Securities and Exchange Board of India (SEBI) has directed Schneider Electric President Systems Ltd to list its stock on a stock exchange with terminals across the country or get delisted from the regional exchanges and give exit to the shareholders.
The company was listed on the Bangalore Stock Exchange (BgSE) and Pune Stock Exchange (PSE). Its shares were also trading on the 'Permitted to Trade' category of the IndoNext platform of BSE Ltd. Both BgSE and PSE got de-notified in December 2014 and April 2015 respectively, following which the equity shares of the company were moved to the Dissemination Board of NSE on July 22, 2016.
Several shareholders of the company approached the capital market regulator after the company came out with an exit offer in terms of at an exit price of Rs 200.40 per equity share.
The SEBI directed the company: "List the equity shares of the company on a stock exchange having nationwide terminals. In case the company desires to get listed on a nationwide stock exchange other than the one it is presently eligible to get listed, then it shall be eligible to the relaxations granted by SEBI to companies on DB for enabling listing on such exchanges."
The other option given by the regulator is to delist the company following the procedure prescribed under the SEBI (Delisting of Equity Shares) Regulations, 2009. In case the company opts for delisting, the reference date for computing the floor price would be the date on which the company made the public announcement for the exit offer under the 2016 circular, it said.
"The shareholders who have tendered their shares in the exit offer shall be given an opportunity by the company for buying back the shares tendered in such offer at the exit price if they choose to," it said.