Techno Electric & Engineering has announced merger with Simran Wind Projects and delisted its share about 3 months ago. Even the company has announced the record date for merger in 1:1 ratio but the new company has not yet been listed till date. Does it not affect the minority shareholders from getting out of the already traded shares in this weak market? Will not SEBI intervene to get the already listed company to list the new share before delisting?
@RV3548 : GLOSTER last traded on 24 April and now after merging with unlisted company Kettelwell and name change to Gloster it has to re-list with 5 shares becoming 2 shares. not yet listed after around 200 days .Techono electric last traded on August 07 and the share quantity remain same as and when listed. curiously Techno has announced buyback too.
Merger of a listed company into an an unlisted company and listing of this company is time taking process and recent such cases are Pricol , Simbhaoli sugar ETC and future such cases will be Excell crop ,OCL india ETC.