Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

Vedanta Ltd - Roadmap to the Potential Delisting

Vedanta Delisting Offer - How It Goes From Here

Adani Power - The Next Delisting/Exit Offer?

Quiddity Advisors

Event-Driven

In India, there is a process of voluntary delisting which is executed through an official offer process. It is commonly called an "Exit Offer", and the principle rules are determined in the <a href="https://www.sebi.gov.in/legal/regulations/jul-2019/securities-and-exchange-board-of-india-delisting-of-equity-shares-amendment-regulations-2019_43822.html" target="_blank" rel="noopener">SEBI (Delisting of Equity Shares) Regulations, 2009 (as Amended 2019)</a> which followed from a <a href="https://www.sebi.gov.in/reports/reports/jul-2018/discussion-paper-on-delisting-of-equity-shares-review-of-reverse-book-building-process-_39712.html" target="_blank" rel="noopener">Discussion Paper</a> issued by SEBI in July 2018, and the resulting regulation superseded the Amendments made in 2015 (which followed a Discussion Paper and consultation in 2014). The Delisting of Equity Shares Regulations establish the rules, procedures, minimum pricing conditions, and timeline, of Exit Offers (also known as Delisting Offers) in  public Indian markets (with some exceptions) and also note under what circumstances Delisting Offers may not be conducted.M&amp;A has been on the upswing globally for many years, but in India the rules on delisting have required a specific process for squeezeout of minorities and delisting of shares called a Reverse Book Building ("RBB") process, and in July 2018, the Securities &amp; Exchange Board of India (SEBI) launched a <a href="https://www.sebi.gov.in/reports/reports/jul-2018/discussion-paper-on-delisting-of-equity-shares-review-of-reverse-book-building-process-_39712.html" target="_blank" rel="noopener">Discussion Paper</a> about the Reverse Book-Building (RBB) Process which addressed multiple concerns from both sides of the process - i.e. those seeking to take companies private saw significant risk of being forced to pay too much, and minorities sought further protection against abuse of minority shareholder rights by promoters. SEBI had a FAQ section of its guidelines, and the clarifications and explanations from those FAQ were explicitly incorporated into the Delisting Regulations.  The Amendment Regulations were notified pursuant to the SEBI board meeting dated 18 September 2018 and approved.That changed things somewhat significantly, changing the Delisting/Exit Offer process going forward.<div class="content-highlight">This insight looks at the rules and process, and especially the 2018 changes to the Regulations, so investors may know how to deal with them as they arrive.</div>

In India, there is a process of voluntary delisting which is executed through an official offer process. It is commonly called an "Exit Offer", and the principle rules are determined in the SEBI (Delisting of Equity Shares) Regulations, 2009 (as Amended 2019) which followed from a Discussion Paper issued by SEBI in July 2018, and the resulting regulation superseded the Amendments made in 2015 (which followed a Discussion Paper and consultation in 2014). The Delisting of Equity Shares Regulations establish the rules, procedures, minimum pricing conditions, and timeline, of Exit Offers (also known as Delisting Offers) in  public Indian markets (with some exceptions) and also note under what circumstances Delisting Offers may not be conducted.M&amp;A has been on the upswing globally for many years, but in India the rules on delisting have required a specific process for squeezeout of minorities and delisting of shares called a Reverse Book Building ("RBB") process, and in July 2018, the Securities &amp; Exchange Board of India (SEBI) launched a Discussion Paper about the Reverse Book-Building (RBB) Process which addressed multiple concerns from both sides of the process - i.e. those seeking to take companies private saw significant risk of being forced to pay too much, and minorities sought further protection against abuse of minority shareholder rights by promoters. SEBI had a FAQ section of its guidelines, and the clarifications and explanations from those FAQ were explicitly incorporated into the Delisting Regulations.  The Amendment Regulations were notified pursuant to the SEBI board meeting dated 18 September 2018 and approved.That changed things somewhat significantly, changing the Delisting/Exit Offer process going forward.This insight looks at the rules and process, and especially the 2018 changes to the Regulations, so investors may know how to deal with them as they arrive.

Indian Delisting/Exit Offers - Know Your Process and The Games Played